The Ministry of Natural Resources on Monday announced the approval of thirteen additional Local Content Annual Plans for the reporting year, 2023. These plans serve as a testament to the unwavering commitment of both the government and industry stakeholders towards the sustainable development of Guyana’s natural resources sector.
The approved plans ensure that the exploration and production activities undertaken by the companies will maximise local participation, promote economic diversification, and foster social development.
Minister of Natural Resources Vickram Bharrat in the company of the Director of the Local Content Secretariat Dr. Martin Pertab and the ministry’s Legal Officer Mr. Michael Munroe, signed the companies’ Letters of Approval at the ministry’s Kingston office on May 24. The approved companies were Bourbon Guyana Incorporated; CNOOC Petroleum Guyana Limited; Guyana Deepwater Operations (SBM Offshore); Guyana Shore Base Incorporated; Noble Drilling Guyana Incorporated; SLB Guyana; Stena Carron Drilling Limited; Tenaris Guyana Incorporated; Tullow Guyana B.V.; Weatherford Trinidad Limited (Guyana); Tiger Rental; Sustainable Energy Solutions, and OEG Energy Inc.
The Local Content Act states that contractors, sub-contractors and licensees operating in Guyana’s petroleum sector must submit a Local Content Annual Plan, outlining in detail their procurement, employment and capacity development plans for the reporting year. Just last week, the ministry greenlit the annual plans of five oil majors operating in Guyana, including the Stabroek Block operator, ExxonMobil Guyana.
As part of the signing, Minister Bharrat reminded that local content is of paramount importance to the government and people of Guyana. He said that it ensures that the development of our natural resources translates into tangible benefits for our people, generating employment opportunities, and fostering the growth of local businesses.
Commenting as well, SLB’s Managing Director, Ms. Sharlene Seegoolam stated, “At the heart of SLB’s values is the principle of recruiting locally. We take immense pride in hiring and collaborating with exceptional individuals from Guyana.”
Meanwhile, Noble Drilling’s Local Content Manager Mrs. Renatha Khan – Bovell remarked, “This approval is a representation of our milestones/ commitment throughout the lifespan of our contract where we offer support to the economic development in the local communities.”
The Ministry of Natural Resources remains committed to the effective implementation and monitoring of local content policies, ensuring transparency, accountability, and compliance. The government will continue to work closely with the approved companies and all stakeholders to foster an enabling environment that empowers local businesses, develops local capacity, and promotes sustainable development in the natural resources sector. (Modified press release from the Ministry of Natural Resources)
