President Ali to lead consultation on local content policy set for Monday

His Excellency Dr. Mohamed Irfaan Ali will lead the consultation on Guyana’s local content policy for its petroleum sector on Monday. This was disclosed by Vice President Hon. Dr. Bharrat Jagdeo today at a press conference.

“Right now, that consultation that the President would head on local content policy is programme for next Monday. I have asked the Ministry of Natural Resources to put that report up on their website as well as the draft policy that is derived from that report,” the Vice President said.

“Once we receive the comments from the consultation then we will probably hire someone to incorporate some of these comments into the final policy document and then we will issue that, probably have it debated in the parliament and then move to legislation,” VP Jagdeo said.

The local content report was compiled by the Local Content Panel which was chaired by Mr. Shyam Nokta. The Panel also included Mr. Carl Greenidge, Mr. Carville Duncan, Mr. Anthony Paul, Mr. Kevin Ramnarine, Mr. Floyd Haynes and the Ministry of Natural Resources’ Legal Officer Ms. Sasha Rajkumar-Budhan.

Approximately 140 stakeholders were engaged by the Panel on the compilation of the report. The Report outlines several recommendations to improve country’s policies and legislation.

Last December, President Ali told the media that Guyana could have local content legislation in early 2021.

The President has said his Government is committed to ensuring local participation in the oil and gas sector. The Policy will promote local participation in the sector and draw from best practices around the world.

The aim of a local content policy is to transform the short-term benefits of natural resource extraction into long-term local economic development.