GEORGETOWN, Guyana, (DPI) – The government’s local content efforts in Guyana’s oil and gas sector are yielding results, with approximately 6,500 Guyanese employed by mid-2024. In the first half of 2024, over 454 new hires were recorded within the 40 specified areas.
This progress stems from the Local Content Secretariat’s active oversight, ensuring companies comply with the Local Content Act by procuring goods and services locally.
According to the 2024 mid-year report, procurement spending in this period amounted to US$314 million, with growth recorded in areas such as engineering and machining services, accommodation services, equipment rental, and catering.
This is primarily due to increased activity from the third floating production storage and offloading (FPSO) vessel, which arrived in 2023.
“While the total number of Guyanese employed by these companies now stands at 4,467, it has been estimated that the total number of Guyanese working in the oil industry is approximately 6,500,” the report stated.
Local procurement is projected to reach US$550 million, with training initiatives receiving an estimated US$8.9 million.
Additionally, the secretariat plans to implement a local content app aimed at connecting local companies with the oil and gas sector, enhancing job access.
The app is expected to complement the work of the Local Content Registry, which compiles a list of Guyanese nationals seeking employment and Guyanese companies from which goods and services can be procured.
The first round of consultation with major stakeholders is expected to commence by the end of the third quarter of this year, to have a functional and operational app by year-end.
The Local Content Secretariat is already actively pursuing a range of measures to connect locals to oil and gas opportunities, and this year, emphasis is placed on awareness sessions to reach a larger pool of Guyanese.
Nationwide sensitisation workshops on the Local Content Legislation have begun, with two held during the first half of this year.
“The secretariat engaged key players in the sector, as well as eight technical institutes to finalise a three-month paid internship programme, initially targeting 100 interns being placed in over 25 companies in the sector. To date, more than 45 students have been assigned to the various companies under the programme,” the mid-year report further highlighted.
