SHORTER payment timelines are now available to Guyanese companies that supply oil-and-gas companies, SBM Offshore and Halliburton, among others following the approval of amendments to their respective local-content master plans on Thursday.

According to a release from the Local Content Secretariat, these amendments, which are included in the five-year local content plan and are enforceable by law, will now see contractors and sub-contractors operating in the nation’s petroleum sector issuing payments to Guyanese suppliers within 30 to 45 days, following the receipt of a correct invoice.

The signing, which took place in the boardroom of the Ministry of Natural Resources’ head office in Kingston, Georgetown, comes on the heels of a newly-proposed modification by the Local Content Secretariat.

At the signing, Minister of Natural Resources Vickram Bharrat underscored the importance of contractors and sub-contractors implementing this amendment.

He reminded those present that the move promotes local suppliers’ competitive financing and growth through appropriate contract and payment terms, and is in keeping with Guyana’s Local Content Act.

Also offering comments on the signing was the General Manager of SBM Offshore, Martin Cheong, who expressed the company’s excitement about the approval of its master plan.

“We have been hiring an increasing number of Guyanese, engaging more local suppliers for the provision of goods and services, and expanding our training and capacity building programmes as our operations increase in the country.”

Halliburton’s Country Lead Vahman Jurai said with the approval of the company’s five-year local content plan, it is cognisant of one of Halliburton’s guiding principles of “Global Citizenship”.

“Halliburton is eager to work closely with our local vendors, sharing our knowledge when needed. We hope to significantly contribute to the development of Guyana’s talent in the oil and gas sector, whether through the university programmes we support or through hands-on experience working with us,” Jurai related.

The identified contractors, sub-contractors and licensees have demonstrated, through their master plan submissions, their commitment to fostering local content in their operations.

The release noted that the companies have highlighted several areas in their amendments including prioritising Guyanese nationals for employment; policies aimed at non-discrimination and equal treatment of Guyanese nationals; implementation of training and other programmes; and outlining the criteria for the supply of goods and provision of services relating to their operations are among the areas that are being tackled by the amendments put forward by the companies.

Other areas of projecting anticipated expenditure on local content values; and the provision of industrial and technical education sponsorships; are among the other areas highlighted under the amendments.