Vice President Dr. Bharrat Jagdeo has outlined key policy priorities for Guyana’s oil and gas sector in 2024, emphasizing a commitment to robust monitoring and contract compliance.
Speaking at a recent press conference at the Office of the President, Dr. Jagdeo highlighted the government’s ongoing efforts to regulate the expanding oil and gas industry.
Since 2020, several policies have been implemented, including reforms to the Natural Resource Fund, the petroleum activities bill, and the strengthening of the Environmental Protection Agency (EPA), among others.
Dr. Jagdeo underscored the importance of monitoring oil companies’ activities to ensure compliance with established regulations.
In addition to these measures, a comprehensive review of the country’s local content legislation is on the agenda.
Dr. Jagdeo emphasized the need for adjustments to local content policies to align with evolving industry dynamics.
As part of the initiatives planned for 2024, a paid internship program involving 45 Tier 1 contractors will be introduced, providing approximately 100 paid internships.
The government aims to enhance awareness of opportunities afforded by the Local Content Act through the development of an improved digital platform and the facilitation of local content sensitization workshops.
The government’s proactive stance on monitoring, compliance, and local content reflects its commitment to responsible and sustainable development within the oil and gas sector.
These policies aim to strike a balance between industry growth and safeguarding national interests.