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Guyana: reaped US$64m in local content from oil for first three quarters of 2018

Up to the third quarter of 2018, Guyana had benefited from some US$64 million ($13.7 billion) in local content from the oil and gas sector which represents the highest amount since oil was first found here in 2015.

“Guyana has benefitted directly to the tune of over $65 million US from local content in 2018 alone,” Head of the Department of Energy (DoE) Dr Mark Bynoe told an oil and gas youth forum last Saturday. Bynoe explained to this newspaper that the figure reflected numbers up to the third quarter of 2018 as final quarter sums are still to be assessed.

With Guyana expected to begin producing oil by the last quarter of this year, according to some analysts, the DoE Head urged youths to prepare themselves so that they could be direct local content beneficiaries.

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