While the Local Content Law ensures Guyanese benefit directly from the oil and gas sector and well as gain exposure and experience through first preference in the sector, it is by no means a greenlight for mediocrity, says Natural Resources Minister, Vickram Bharrat.
During his presentation at a recently concluded Local Content Summit, the official recalled that under the Local Content Act, the government carved out 40 sectors and sub-sectors for Guyanese suppliers of the nation’s burgeoning oil and gas sector. Ranging from accommodation, logistical, food supply, medical and accounting services, the law sets explicit targets for petroleum contractors and sub-contractors – adding a level of preference and security for local businesses.
Minister Bharrat, in his presentation, was keen to note that while these areas are ringfenced for Guyanese, it does not shield them from providing quality goods and services.
“We should not look at the Act as a protection mechanism for mediocracy. We should ensure that our products and services are competitive at the regional and international level, in quality and well as price. That is where we have to go as a country,” the Natural Resources Minister related.
He went on to articulate, “When we can increase our supply boats from forty-two to one hundred in the near future, it spells more opportunities for Guyanese. You have a partner in the government and we are willing and we will consult with you. Once we build capacity, we will amend the First Schedule in the legislation to broaden the number of services that you can offer to the oil companies.”
The organizers of the summit he attended, MBW Energy Support Services highlighted that as the fruit of the big turnout at this year’s affair, the company intends to make it an annual event.
Vice President Dr Bharrat Jagdeo was also present at the summit and delivered the keynote address.
Local content success stories, the role of local content in foresting economic growth and local content’s legislative framework were just some of the critical topics covered at the summit which was hosted at the Pegasus Corporate Centre, Georgetown.
