Suriname is seeking guidance from neighbouring Guyana as it begins the complex process of developing a local content framework aimed at securing greater benefits for its citizens from the country’s emerging oil and gas industry.
Joel Bhagwandin, Director of the Guyana Oil & Gas Energy Chamber (GOGEC), founder of SphereX, and a key member of the Private Sector’s local content subcommittee, was recently invited by the Suriname Chamber of Commerce and Industry to share insights on Guyana’s implementation of its Local Content Act.
“The Suriname private sector, through their chamber of commerce, has indicated to us that they are very eager to learn from Guyana’s success story,” Bhagwandin said. “They currently don’t know how to go about it, and so they thought it best to reach out to Guyana since we’ve already been there, done that. We have the Act, and our success story is well documented and recognised regionally.”
He cited gains in local content spending, capacity building, growth in local service providers, and increased employment opportunities for Guyanese as key indicators of progress.
Bhagwandin addressed more than 20 Surinamese entrepreneurs from various sectors, stressing that the private sector must take the lead in establishing a viable local content framework.
“The main point I made to them is that this has to be driven by the private sector,” he said. “The private sector has to do a lot of work – not just lobbying and advocacy – but also developing position papers, working documents, and even submitting draft legislation to government. They must also have an accommodative government willing to support these efforts.”
Bhagwandin noted that in Guyana’s case, the current government played a decisive role in enacting local content legislation, after years of what he described as “lip service” by the previous administration, which had resisted legislative efforts and was seen as too accommodating to oil companies.
Despite the progress, Bhagwandin underscored the importance of stakeholder engagement and ongoing consultations to ensure the legislation remains effective and relevant.