Georgetown, Guyana – September 29, 2025 – Guyana’s oil boom is probably no longer passing citizens by. And this might be thanks to the Local Content Act, which came into force in December 2021, more than 14,000 Guyanese are now directly benefiting from jobs and opportunities in the oil and gas sector.
Natural Resources Minister Vickram Bharrat, appearing on the Starting Point Podcast – The Oil and Gas Edition, said the landmark law has transformed the petroleum industry, shifting Guyanese from spectators to active participants. “Today, our private sector is at the table, not on the sidelines,” he declared.
The Local Content Act obligates international oil companies and subcontractors to give first preference to Guyanese goods, services, and workers. The impact is clear: 7,000 citizens are directly employed in oil and gas, while another 7,000 are benefitting indirectly through support sectors such as logistics, transportation, accommodation, catering, and maintenance.
Beyond numbers, the legislation has forced partnerships between international corporations and local businesses, driving technology transfer, skills development, and better leverage for local firms in negotiations. Minister Bharrat also noted that many of the jobs extend outside of offshore oilfields, reaching communities across the country.
He warned that without strong local content laws, multinational companies typically import their own suppliers and build closed ecosystems that shut out locals. “In many countries, this is what happens, and the locals are left on the outside as bystanders,” Bharrat explained.
Looking ahead, government has pledged to strengthen and expand the Local Content Act to cover additional categories, ensuring even more Guyanese gain from the sector. This comes as ExxonMobil, Hess (now Chevron), and CNOOC continue major production expansions in the Stabroek Block, which has cemented Guyana’s place as a global oil industry powerhouse and the fastest-growing economy in the world.
