Guyana has seen the “almost flawless implementation” of its Local Content Act, resulting in more than US$2 billion being injected into the domestic economy and preventing Guyanese from becoming “bystanders and spectators” in their own oil and gas sector.
This was disclosed by Minister of Natural Resources, Vickram Bharrat, during his contribution to the 2026 budget debates on Tuesday in the National Assembly. He underscored that the budget puts people first, as its theme declares, adding that this is clearly reflected in the management of the oil sector.
“Today, we have over 1,200 Guyanese registered with the Local Content Secretariat providing goods and services to the oil and gas industry,” Bharrat said, noting that during consultations on the law, critics warned that the legislation would stifle investment and harm the industry. However, the opposite has occurred.
“We are going to forge ahead because Guyanese must benefit from the oil and gas sector and we are seeing the benefits today,” he told the House.
Referencing data on the success to date, Bharrat said spending within the 40 sectors designated under the Local Content Act has reached US$352 million in the first half of 2025, up from US$316 million over the same period in 2024. Outside of those sectors, Guyanese companies secured an additional US$68.7 million in procurement, including US$40.7 million across 27 other areas.
The Local Content Secretariat also supported capacity development and investment in several emerging segments, including cargo carrying units, which accounted for US$1.3 million in local spending by mid-2025.
Workforce development remained a major focus of implementation. During the first half of 2025, more than 800 training programmes were delivered, supported by US$3.7 million in reported spending. These initiatives covered technical and professional training, leadership and management development, trade and craft skills, and scholarships.
Internship pathways were also expanded and the secretariat guided 15 subcontractors in establishing internship programmes for students drawn from local technical and vocational institutions, the national university, and marine and aviation training bodies. At the same time, guidance was provided to the Ministry of Home Affairs to further streamline non-Guyanese labour while prioritising qualified Guyanese nationals.
Importantly, in 2025, the Secretariat refined its database to more accurately identify small and medium-sized enterprises (SMEs) and women-owned businesses operating in the sector. During the first half of the year, approximately US$27 million was spent with SMEs, while women-owned businesses accounted for about US$3.5 million in procurement.
Minister Bharrat said the data underscored that the Local Content Act is working as intended, embedding Guyanese participation across spending, skills development, and business growth within the oil and gas industry.