Nov 02, 2022 News
– More than 350 businesses added to register
Kaieteur News – The Local Content Secretariat disclosed yesterday that earnings for Guyanese nationals and companies in the oil sector are well over $129B. It said this follows a preliminary assessment of its data thus far.
Secretariat Director, Martin Pertab said the figure represents 23% of Guyana’s GY$552.9 billion budget for 2022.
Additionally, the Local Content Secretariat revealed that it has issued some 354 Local Content Certificates to suppliers of the nation’s oil and gas sector. This document confirms that the regulator is satisfied that the holder of the certificate is a genuine Guyanese national or Guyanese company. In keeping with the provisions of the legislation, all certified Guyanese companies are published via the Local Content Register, which is public for all to scrutinize.
Pertab said the unit continues to work alongside and engage with contractors, sub-contractors, licensees and Guyanese suppliers, to ensure that the goals of the Act are met. Local content, he underscored, gives Guyanese businesses a fair opportunity to directly tap into and benefit from Guyana’s multi-billion-dollar petroleum sector.
Internal assessments also show that Guyanese companies supply goods and services across 37 of the 40 areas ringfenced for nationals in the First Schedule of the Local Content Act, which was passed on December 31, 2021. The First Schedule ring-fences 40 categories of work for Guyanese participation, which include: food supply, rental of office space, accommodation, insurance, accounting, legal services, engineering and machining, aviation support, public relations, manpower and crewing services, dredging services, ventilation, environmental services and studies, and transportation. The foregoing categories carry varying percentages for participation that must be secured by companies in the oil sector by the end of 2022.
Furthermore, the law serves to provide for the implementation of local content obligations on persons engaged in petroleum operations or related activities in the petroleum sector; prioritises Guyanese nationals and Guyanese companies in the procurement of goods and services for the enhancement of the value chain of the petroleum sector; and enables local capacity development.
Importantly, it provides for the investigation, supervision, co-ordination, monitoring and evaluation of, and participation in, local content in Guyana; promotes competitiveness and encourages the creation of related industries that will sustain the social and economic development of Guyana.
Overseeing the implementation of the legislation is the Local Content Secretariat alongside an Inter-Agency Advisory Committee.
The Secretariat has several functions, which include developing and maintaining measures for the effective implementation of local content by Contractors, Sub-Contractors and Licensees; developing and implementing strategies that will give preference to, or ensure equal treatment of, Guyanese nationals and Guyanese companies; and conducting market analysis.
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