Minister of Finance, Dr Ashni Singh, recently commended the success of Guyana’s Local Content Law, noting that it has enabled Guyanese to benefit from multi-million-dollar opportunities in the oil and gas sector.
Speaking at the 2026 Local Content Summit held from June 2-3 at the Four Points Sheraton, Dr Singh said the value of contracts awarded to Guyanese businesses and nationals has already exceeded GY$500 billion, creating opportunities across a wide range of industries and supporting more than 2,500 local vendors.
“We’ve seen to date from ExxonMobil Guyana Limited’s operations in the Stabroek Block, a total of more than two and a half billion US dollars worth of procurement opportunities placed with Guyanese companies and Guyanese nationals,” Dr Singh said.
The minister said businesses that have already entered the sector should examine how they can deepen their participation, while those yet to benefit should focus on positioning themselves to do so.
According to Dr Singh, the opportunities created so far represent only the early stages of Guyana’s economic transformation.
“Because the reality is that what we have seen to date is really only just the beginning of the Guyana story,” he said.
The Finance Minister pointed to the country’s rapid growth in oil production as evidence of the scale of expansion that still lies ahead. In just six years, Guyana has moved from producing no oil to more than 900,000 barrels per day. Before the end of this year, production is expected to surpass one million barrels per day with the addition of ExxonMobil’s Uaru development. By the end of the decade, production capacity is projected to reach around 1.5 million barrels per day as additional offshore projects come online.
“Those are staggering numbers,” Singh said.
He argued that the business opportunities created during the industry’s first phase offer a glimpse of what could be generated in the years ahead. The more than US$2.5 billion in procurement opportunities emerged during a period when Guyana expanded from one producing floating production, storage and offloading vessel (FPSO) to four.
Over the next five years, the number of producing projects is expected to increase further, driving demand for goods, services and support industries throughout the economy.
“If you consider the transformation that we have already achieved and the business opportunities that have already been created, contemplate for a moment what the next five years hold in store for us as a country and for you as private investors in Guyana,” Singh said.
The minister encouraged businesses to invest now in the capacity, skills and partnerships needed to participate in the next phase of growth, arguing that preparation today will determine who benefits most from tomorrow’s opportunities.