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The Ministry of Natural Resources announced the approval of 13 additional Local Content Annual Plans for the reporting year, 2023.
The approved plans ought to ensure the exploration and production activities undertaken by the companies will maximise local participation, promote economic diversification, and foster social development.
Minister of Natural Resources, Mr. 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 last Wednesday, 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.