Guyana’s long-awaited Local Content Policy for the emerging oil and gas sector has finally been completed and printed.
This comes almost a year after the final draft of the policy was completed and was expected to be presented to the private sector and other relevant stakeholders for review.
Displaying a copy of the policy at his first press conference for 2020 on Monday, Director of the Department of Energy Dr Mark Bynoe said the Policy will be posted to the Department’s website soon but not before it is disseminated to elected and government officials and members of the press later this week.
Dr Bynoe said the policy was “hot off the press” and remains “a fit for purpose policy.”
While there is still no local content legislation, the Government has long been engaging stakeholders in the private and public sector on the compilation of the policy.
The consultation process spanned more than two years with a review process of the draft document before the final policy was concluded on and printed.
While the final document is yet to be made public, Dr Bynoe reminded of some of the highlights and benefits of the document.
These include; the promotion, inclusion and advancement of Guyanese persons who demonstrate expertise and experience to participate in the oil and gas industry.
The policy assures employment and capacity for Guyanese suppliers while stimulating efficiency and cost benefits
Dr Bynoe boasts that the policy also enhances alignment with good industry standards and was quick to point out that recent statistics showed that over 1900 Guyanese were directly employed in the sector.
This final print of the policy is expected to cover loopholes, such as the definition of local, how local content is specifically measured as it relates to Guyana as well as the critical elements that have to be focused on.