Presenter

Dr. Jerry Haar

Professor of International Business, Florida International University

Siddharth Upadhyay, Research Consultant

Summary

Guyana’s dynamic and rapidly progressing oil and gas development can create boundless opportunities, which is the intent of local content policy (LCP). However, there has been an information vacuum related to the LCP—its rationale, structure, and pathway to implementation. Fortunately, the government of Guyana has addressed this shortcoming and produced a draft Local Content Policy. While the document has produced a reasonable policy framework, the LCP is jeopardized by a rigid compendium of local content targets that are questionable in their derivation or may be exceedingly difficult to attain.

It is urgent, therefore, that the government address and remedy the shortcomings of its LCP. After all there are many positive features of the LCP including: preferred access and opportunities for Guyanese; the need for good governance for the LCP to succeed; the need for appropriate legislative support for successful policy implementation; and engagement of the Guyanese diaspora as a vitally important resource. 

You can access Dr. Jerry Harr’s Report “Strategic Considerations for Local Content Requirements in Guyana’s Oil Sector” HERE

Panelists

Dr. Anthony Bryan

University of the West Indies & Caribbean Policy Consortium

Dr. Terrence Blackman

Editor, Guyana Business Journal

Medgar Evers College, City University of New York & Guyana Business Journal

Moderator

Dr. David Lewis, Caribbean Policy Consortium & Manchester Trade Ltd. Inc. (Moderator)

Key Quotes

• “I have great faith in the capacity of Guyanese to meet this challenge. What worries me is if Guyanese institutions aren’t able to fully hold to the path that is necessary in order to do this. I hope that these opportunities will be strengthened.” – Dr. Terrence Blackman
• “We know that the government’s goal is maximum quality and benefit of participation in the petroleum sector value chain by Guyanese. We see real positives in terms of preferred access and opportunities for Guyanese, in the emphasis on good governance, the appropriate legislative support for successful policy implementation and the engagement of the Guyanese diaspora community.”– Dr. Jerry Haar
• “The private sector—local and foreign—along with the public sector should be working closely together to assist local firms in meeting the technical requirements for oil services and equipment.” – Dr. Jerry Haar
• “We are not going to be able to function effectively as a society as a small oligarchy and this is where I think these institutions like UoG and others have a role to play. And this is one place where I must commend the current government.” – Dr. Terrence Blackman

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