Over 40 Oil and Gas firms secure Local Content plan approval
June 17 2026
(Ministry of Natural Resources)
Local Content and its implementation is largely driven by the submission of local content plans as articulated in the Local Content Act. The annual plan is one of the plans that mandates reporting Contractors and Subcontractors to set out their vision for local content for each calendar year. It positions these reporting Contractors and Subcontractors to deliberately consider how they foresee complying with their statutory obligations. The annual plan comprises of a narrative and is supplemented by a procurement sub-plan, an employment sub-plan, and a capacity development sub-plan.
The annual plan must be submitted to the Minister for approval no later than thirty days after the beginning of a calendar year. The Local Content Secretariat, acting on the Minister’s guidance, rigorously reviews these plans to ensure compliance with the letter and spirit of the Act. Reporting companies have an opportunity to respond to the Secretariat’s observations and routinely resubmit through an iterative collaborative review process. Approving the annual plans reinforces reporting companies’ commitment to local content implementation and underscores the Government’s commitment (through the Ministry of Natural Resources) to ensuring Guyanese are meaningful participants in Guyana’s patrimony.
This morning’s signing ceremony facilitated the approvals of more than 40 companies, inclusive of ExxonMobil Guyana Ltd., MODEC Guyana Inc., CNOOC Petroleum Guyana Ltd., Guyana Deep Water Operations Inc. and SLB.
This event signifies the commitment of the Government towards local content development. During Minister Bharrat’s remarks, he commended the staff of the Ministry and the departments of Local Content and Petroleum, for their contributions, commitment and hard work which have propelled the development of the local content sector. He also thanked the companies for their partnership with the Ministry and Government, by extension.
Approved annual plans signify alignment with the Local Content Act’s legislative aspirations, and companies must now implement the plans as approved. These approved plans, along with the subsequent half yearly reports monitor local content implementation, which paves the way for increased opportunities for Guyanese and Guyanese companies. 2026 is no different, and the Ministry of Natural Resources looks forward to increased value being retained in the country.
