— Dr. Singh
MORE than 1,200 Guyanese businesses have registered under the Local Content Act (LCA). Procurement from local companies and nationals has exceeded US$2 billion across 40 sectors since the law was enacted in 2021.
Senior Minister in the Office of the President with Responsibility for Finance, Dr. Ashni Singh, shared this information on Monday during his presentation of Budget 2026.
Dr. Singh informed the National Assembly that local companies have been providing a variety of goods and services to the oil and gas industry, aligning with the mandates of the Local Content Secretariat.
He outlined that procurement included US$175 million in construction, US$250 million in engineering and machining, US$387 million in manpower and crewing, and US$101 million in accommodation services.
“These numbers show the real benefits for Guyanese businesses from the Local Content Act and the work of the Local Content Secretariat,” Dr. Singh said as he highlighted the government’s ongoing effort to increase local participation in the petroleum sector.
Looking at achievements in 2025, the minister pointed out that the Local Content Secretariat helped create several successful partnerships. This included a US$10.1 million agreement for offshore catering services to Floating Production, Storage and Offloading (FPSO) vessels.
The Secretariat also assisted in building a fabrication workshop at the Vreed-en-Hoop Shorebase, allowing local manufacturers to produce essential components for the oil and gas industry.
Additionally, the Secretariat launched a Local Content App to help contractors and subcontractors share procurement opportunities and improve transparency in the local supply chain.
In response to rising demand and feedback from businesses, the government is introducing faster timelines for local content certification processing starting this month. Under the new system, sole proprietorships and landlords can expect certifications within five working days, and renewals within three.
Fully Guyanese-owned companies and partnerships will receive approvals for new applications within 15 working days and renewals within 10. Other firms should expect their applications processed within 21 working days, with renewals completed in 15.
Dr. Singh stated this organized framework will make the certification process responsive, open, and friendly to businesses while continuing to promote chances for Guyanese firms to grow their participation in the energy sector.
