Following the massive oil discoveries in the Stabroek Block, the Guyana Oil and Gas Association (GOGA) in collaboration with international consultancy firm, Marak Alliance, will be hosting a major Local Content Conference on November 26 and 27. The event will be held at the Arthur Chung International Convention Centre (ACICC), Railway Embankment Road, Georgetown.
In a missive to the media, the entities noted that Guyana has the opportunity to achieve a new path of sustainable economic growth and development through applicable local content policies and strategies that can produce maximum economic benefits for the economy.
They said that the purpose of Guyana developing a national local content policy is to increase the value generated by the exploitation of a resource that remains in the domestic economy; and to develop linkages between the oil sector and the rest of the economy.
Marak Alliance said, “What matters is not only what happens in the sector, but what happens beyond it. As such, local content can encompass forward, lateral and backward linkages. Backward linkages are those created by the commercial relations between oil operators and their supply chains, which include the transfer of technology and know-how, employment of nationals, and sourcing local goods and services.”
The international consultancy firm added, “Lateral linkages utilize the demand of the sector to develop skills, services and infrastructure that can positively impact on other sectors of the economy while allowing locals to participate in the petroleum supply chain. Forward linkages involve the construction of facilities that process and export these resources, such as refineries and petrochemical facilities.”
Furthermore, Marak Alliance said that local content good practice is based on the idea of creating ‘shared value’, which is a business strategy designed to achieve both project competitiveness, stability and economic development in the local community and host country. The firm said that projects can create shared value by generating and growing economic opportunities related to their workforce, local supply chain and surrounding communities, in ways that also support their economic needs.
It said that this value is measured in terms of national direct and indirect jobs created and the commercial linkages and the positive economic effects generated when local firms act as suppliers and employees.
Given the aforementioned, Marak Alliance and GOGA said that this Local Content Conference and Exhibition in Guyana is an opportunity for policy makers and companies, subcontractors, academics, consultants, the local business community and other interested stakeholders to deliberate on how local development in the emerging energy industries can benefit the creation and growth of value in the country.
The coordinators said that participants will have the opportunity to learn and interact with decision makers from countries that have implemented similar policies, from international academics and consultants who have researched the economic benefits and challenges of these policies, from oil companies’ experiences with local content strategies and from the local business leaders.
The organizers of the event said that they will be working with key government authorities, the local business community and international participants to deliver a forum that will achieve the objectives of improving the local content principles and pillars of Guyana’ emerging oil and gas economy.
They said that additional communications and information will be shared with the public within the coming weeks.
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