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Private Sector submits local content findings to Secretariat
– outlines revision of legislative framework, redefinition of key terms
Kaieteur News – The Private Sector Commission (PSC) on Tuesday announced that it has officially handed over the report of the findings from its recently held Local Content Forum to the Local Content Secretariat (the Secretariat).
In December 2021, Guyana passed its local content legislation, which caters to Guyanese getting first preference in the country’s oil and gas sector. The Local Content law is intended to regulate the way companies operate in Guyana’s oil and gas sector; employ persons, buy services and the way that they procure goods.
Under the Act, the Secretariat which falls under the Ministry of Natural Resources was established and functions as the focal point for the monitoring, evaluation, coordination, and reporting of Local Content in the petroleum operations of Guyana. Therefore, the Secretariat’s key role is to monitor and evaluate companies’ performance with respect to the Guyanese utilization targets outlined in the Act.
In a statement, the Private Sector disclosed that Chairman of PSC, Local Content Advisory Group, Shyam Nokta, presented the report to Senior Petroleum Coordinator, Ministry of Natural Resources, Bobby Gossai in the presence of the Legal Officer of the Local Content Secretariat, Michael Munroe, and Economist of the Private Sector Commission, Nayteram Ramnaraine in the Boardroom of the Commission.
PSC officials handing over to the report on Tuesday.
Those joining virtually were PSC Chairman, Paul Cheong, President of the Georgetown Chamber of Commerce and Industry, Timothy Tucker, and members of PSC Local Content Advisory Group, Richard Rambarran, Dr. Melissa Varsawyk, and Joel Bhagwandin.
According to the PSC areas covered in the report include revision of the legislative framework, redefinition of key terms, unbundling of contracts, training and capacity building, access to finance with better interest rate, and reporting and access to information.
Since the passage of the laws, the Private Sector had highlighted several local content woes that are hampering local businesses in Guyana’s oil and gas sector.
The Secretariat has since issued strict guidelines which require all Contractors, Sub-Contractors, or Licensees to not only award contracts through a competitive bidding process, but also, unbundle as far as possible, large contracts into smaller units so that Guyanese can have greater opportunities for participation.
Last month, this publication had reported that Chief Justice (AG), Roxane George-Wiltshire warned against arbitrariness due to the lack of rules and regulations in Guyana’s Local Content Act of 2021.
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