Local content in Guyana’s oil and gas field is all about how much locals are involved. This includes jobs, businesses, and resources used during oil and gas projects. In Guyana, we have rules to make sure the local people benefit from the oil and gas industry. These rules focus on giving jobs to people in Guyana, buying goods and services from local businesses, and helping growth in local skills and technology.
Local content policies are important because they play a very big role in the development of an economy. They help in job creation and also help to promote local entrepreneurship which ensures that money obtained from oil and gas resources will be plowed back into the economy. As an example, based on the recent 2024 data, Guyana’s local content laws have created over two thousand new jobs for people living in Guyana and contracts amounting to $500 million were given to companies within the country.
The oil and gas sector in Guyana is about finding, extracting, refining, moving, and selling oil and natural gas. This industry has become a key part of Guyana’s economy, especially after big oil discoveries in the Stabroek Block. Guyana has now become one of the fastest-growing oil producers in the world.
The oil industry had grown steadily after its first major discovery in 2015. Guyana is now producing more than 600,000 barrels per day— as of 2024. This has massively increased the country’s GDP growth by nearly 60%, expected to be around 25% this year alone. The sector now constitutes almost 60% of Guyana’s total exports.
Oil and gas events in Guyana are key for networking, sharing knowledge, and showing new technology. These events bring people from all over the world, including industry leaders, rulemakers, and service providers.
Those who are just starting out in the sector must grasp the fundamentals of oil and gas. It is divided into different stages from exploration to production and distribution.
An oil and gas directory lists all the groups involved in the industry in Guyana, from exploring companies to service providers.
The discovery of large oil reserves is going to change the economy of Guyana which means they have established strong local content policies, high level of oil discoveries and more events added to their industry map— putting them on the world’s big leagues. The GET Global Group leads this change wave by fostering industry expansion without overlooking wealth distribution to locals. Check out our website for details about what they offer and their contributions.
Also read: Supply Chain Management in the Oil and Gas Industry in Guyana
The impending oil and gas sector in Guyana will transform the economy of the nation. Through strong local content policies plus large oil finds and more events coming into light, Guyana is soon to be recognized as a key global player. Standing prominently at the frontier of this evolution is the GET Global Group which nurtures industry expansion while guaranteeing that locals benefit from it. Learn more about what we do to offer services back to the community based on their contribution.
Also Read: Occupational Hazards in Oil and Gas Industry Guyana
