MORE than 40 companies operating in Guyana’s oil and gas sector, including major industry players ExxonMobil Guyana, MODEC Guyana, CNOOC Petroleum Guyana and SLB, have received approval for their 2026 Local Content Annual Plans, marking another step in the Government’s efforts to increase participation by Guyanese businesses and workers in the country’s petroleum industry.
The approvals were formalised during a signing ceremony on Wednesday hosted by the Ministry of Natural Resources through its Local Content Secretariat.
The annual plans are a key requirement under Guyana’s Local Content Act and outline how contractors and sub-contractors intend to meet their obligations to support local employment, procurement and capacity development throughout the calendar year.
According to the Ministry, the plans require companies to provide a detailed strategy for local content implementation and are supported by procurement, employment and capacity-building sub-plans. The submissions are intended to ensure that companies deliberately plan for compliance with the legislation and contribute meaningfully to the development of local businesses and the workforce.
Under the Act, annual plans must be submitted to the Minister of Natural Resources within 30 days of the start of each calendar year. The Local Content Secretariat then conducts a rigorous review process to assess compliance with both the letter and spirit of the law.
Companies are given opportunities to address observations made by the Secretariat and may resubmit plans as part of an iterative review process before final approval is granted.
Speaking at the ceremony, Minister of Natural Resources, Vickram Bharrat, said the approvals demonstrate the Government’s continued commitment to strengthening local content development and ensuring that Guyanese benefit from the country’s natural resources.
He commended staff within the Ministry, particularly those in the Local Content and Petroleum departments, for their dedication and work in advancing the sector. The minister also thanked the participating companies for their collaboration and partnership with the Government in implementing local content initiatives.
Among the companies receiving approvals were ExxonMobil Guyana Ltd., MODEC Guyana Inc., CNOOC Petroleum Guyana Ltd., Guyana Deep Water Operations Inc. and SLB, along with dozens of other contractors and sub-contractors operating within the petroleum industry.
The Ministry said approved annual plans represent alignment with the objectives of the Local Content Act and now move into the implementation phase. Progress will be monitored through the approved plans and subsequent half-yearly reports submitted by companies.
Officials noted that the process is designed to ensure greater retention of value within Guyana’s economy by creating expanded opportunities for Guyanese workers, suppliers and service providers.
Since the enactment of the Local Content Act in 2021, the Government has sought to increase local participation in the rapidly expanding oil and gas sector by establishing clear targets for employment, procurement and capacity building.
The Ministry said it expects the implementation of the 2026 plans to further strengthen local participation and contribute to increased economic benefits for Guyanese businesses and citizens as the sector continues to grow.