The government is working to strengthen the local content framework to create more opportunities for Guyanese businesses to participate and grow in the oil and gas sector.
This was according to the Director of the Local Content Secretariat, Michael Munroe while delivering the keynote address at the Guyana Supplier Forum 2026 on Wednesday.
He said the focus has shifted from determining whether local businesses can participate in the petroleum industry to ensuring they achieve sustainable growth and long-term competitiveness.
“The capability conversation is out the door, more or less,” he noted, emphasising the importance of building resilient Guyanese businesses that can expand their services and compete regionally.
The forum, hosted by the Centre for Local Business Development in collaboration with ExxonMobil Guyana and its prime contractors, was held under the theme “From Capability to Growth: Building Guyanese Businesses for Long-Term Success.”
Munroe said government, industry operators and local businesses must work together to ensure participation in the petroleum sector translates into meaningful and lasting economic benefits for Guyanese.
He identified several areas requiring greater attention from industry operators, including providing early information on upcoming procurement opportunities, structuring contracts to facilitate local participation and investing in suppliers that have demonstrated the capacity to deliver.
The director also highlighted the importance of ensuring that procurement requirements do not create unnecessary barriers for local businesses, while encouraging companies to provide opportunities for upskilling and strengthening supplier capabilities.
For Guyanese businesses, Munroe stressed that securing contracts must be supported by sound business models, investment in technology, stronger organisational systems and workforce development.
He also encouraged local companies to pursue genuine partnerships with Guyanese and international businesses, noting that such arrangements must ensure meaningful ownership, control and value remain with the Guyanese participants.
Turning to the government’s role, Munroe said an enabling regulatory framework is necessary to facilitate business growth and support the continued development of the petroleum industry.
“Government regulation must be nimble,” he said, emphasising the need for timely responses that support business activity rather than create unnecessary obstacles.
He confirmed that government is looking to amend the Local Content Act, following five years of experience implementing the legislation.
Munroe said the Local Content Secretariat is examining opportunities to expand the areas in which Guyanese businesses can participate, although the specific additions are still being considered by policymakers.
The Local Content Act, enacted in 2021, established requirements to prioritise Guyanese nationals and businesses in petroleum-sector employment and procurement. The Secretariat operates under the Ministry of Natural Resources and is responsible for administering the legislation.
The Supplier Forum brought together local businesses, industry representatives and key stakeholders to discuss procurement processes, upcoming contracting opportunities and the standards required to participate in the sector.
Participants also received procurement insights for 2027 from ExxonMobil Guyana and its prime contractors, including SBM Offshore, MODEC, SLB, Baker Hughes, Halliburton, Guyana Shore Base Inc., Saipem, Stena Drilling and TechnipFMC.
The programme also examined strategies for strengthening local enterprises, improving business readiness and building competitive and sustainable Guyanese businesses.
The engagement forms part of ongoing efforts to connect local suppliers with industry opportunities while supporting the continued development of Guyana’s petroleum sector.