CONSULTATION on revising the Local Content Act 2021 will commence shortly as the government seeks to strengthen the legislation to ensure that Guyanese adequately reap the benefits of the booming oil-and-gas industry.

This disclosure was made by Attorney General (AG) and Minister of Legal Affairs, Anil Nandlall, SC, during his weekly programme ‘Issues in the News,’ aired Tuesday evening.

Minister Nandlall stated that the government continues to receive numerous complaints about Guyanese not being afforded fair opportunities to participate in the new industry.

Recognising this as an issue, law revision has begun and consultations with the relevant stakeholders will begin shortly.

“I want to assure our viewers that this is an undertaking that is ongoing and the review will include consultations, which we will embark upon shortly,” the Attorney General assured.

The historic Local Content Legislation was passed in the National Assembly on December 29, 2021, and was subsequently assented to by President Dr Mohamed Irfaan Ali on December 31, 2021.

It was designed to ensure that the oil-and-gas industry supports an economy where small and medium-sized businesses can grow and benefit from the industry.

It also ensures that companies operating in the country hire a certain percentage of local workers and use a certain percentage of local goods and services.

“We did say that when that bill was being promulgated, that it is the first legislation of its type in the Caribbean and that we will have to go back to the drawing board very quickly to adjust it as we become acclimatised to this new and emerging sector,” Minister Nandlall pointed out.

The local content has already raked in some US$700 million in businesses, which translated into many job opportunities and a significant spin-off effect in several other sectors.