Guyanese account for 65 per cent of workforce in the Oil and Gas sector
– with 500 Guyanese companies now included in the Local Content Registry
Some 3,163 Guyanese nationals are currently employed in the oil and gas sector in Guyana, accounting for approximately 65 per cent of the sector’s workforce.
In part, owing to the approval of more than 29 local content master plans to date, in keeping with provisions of the Local Content Act of 2021.
Senior Finance Minister, Dr Ashni Singh, made the revelation during his presentation of the 2023 budget on Monday.
Dr Singh noted too that over 500 Guyanese companies are now included in the Local Content Registry.
The Local Content Act prioritises Guyanese nationals and Guyanese companies in the procurement of goods and services, encapsulating 40 services that oil companies and their sub-contractors must procure from Guyanese companies and Guyanese nationals.
The plans also include an amendment which sees that Guyanese suppliers of the nation’s petroleum sector are paid within 30 to 45 days upon receipt of the correct invoice.
The portal, another provision of the Local Content Act, comprises several suppliers from which goods and services may be procured, as well as individuals seeking employment within the oil and gas sector.