Almost 4,000 locals hired to support oil sector since Local Content legislation enacted

Since the passage of the Local Content Bill in December 2021 and its enactment in January 2022, almost 4, 000 Guyanese have gained direct and indirect employment in the oil and gas sector.

This is according to Finance Minister Dr. Ashni Singh who made the revelation during his presentation of the 2024 National Budget on Monday.

Dr. Singh said the statistics are based on the reporting of contractors, sub-contractors and licensees to the Local Content Secretariat.

Altogether, the Secretariat recorded a total of 3,938 local hires and of this number, 785 were recorded within the first six months of 2023.

Of the total, 824 Guyanese were employed as plant and machine operators, 1, 203 as professional accountants, lawyers and engineers among other professions and some 485 as technicians.

“This brings the total number of Guyanese persons employed in the sector to more than 6, 000,” Dr. Singh added.

He said five-year master plans detailing employment, procurement, and capacity development were received from 33 companies with high projections for growth for 2024, 2025 and 2026.

In keeping with the Act, annual plans were received from contractors, subcontractors and licensees and amount to an estimated US$721 million in procurement of goods and services and training.

This is more than the $700 million recorded in 2022.

“Estimates suggest that US$518 million will be procured from Guyanese suppliers providing goods and services in 2024,” Dr. Singh added.

And so, Dr. Singh believes that the enactment of the Local Content legislation has proven to be a catalyst for numerous partnerships between foreign and local companies.

Among new initiatives for 2024 is a paid internship programmes with roughly 100 contractors and the development of an enhanced digital platform to immediately notify persons of vacancies and procurement needs. (By Kurt Campbell)