MINISTER of Natural Resources, Vickram Bharrat, has credited “quality and bold leadership” for steering Guyana into what he described as a “golden age” of prosperity fuelled by its burgeoning oil and gas resources. He specifically pointed out President Dr. Irfaan Ali, Prime Minister Brigadier (retd.) Mark Phillips, and Vice President Dr. Bharrat Jagdeo.

Speaking on the Starting Point podcast—the oil and gas edition—Bharrat said, “What we have in Guyana is decisive, strong, visionary leadership by the president, prime minister, and vice president. It calls for quality and bold leadership. And if you look at countries where there are strong leaders—leaders who are not afraid to make decisions in the interest of their country and people—you find that those are the countries that stand out, as Guyana is right now in the world.”

The minister highlighted that Guyana is “rated as the fastest-growing economy in the world,” a development he insisted did not occur by chance. “This didn’t happen because of the passage of time, mistake or incidental. It happened because of the strong leadership. It happened because we have managed the economy so well, because we have managed the different sectors so well and used the revenues from the sectors to ensure that we build out a new modern Guyana where all Guyanese can benefit, especially from the oil and gas sector.”

Bharrat underscored the transformative role of the petroleum industry, noting that its impact goes far beyond direct revenues. “Oil and gas bring in quite a lot of revenue into a country and it is not only about the direct revenue that flows from oil and gas. It is about the many benefits that come from investing in the oil and gas sector and we have seen that over the last few years, especially with the local content legislation.”

Calling the policy one of government’s major accomplishments, he added, “I’d say that was one of our biggest successes in managing the oil and gas sector over the last five years, among many others.”

Approximately 14,000 Guyanese are now directly and indirectly benefitting from jobs and opportunities in the oil and gas industry, a development minister Bharrat attributes to the landmark Local Content Act, enacted in December 2021.

Bharrat said the legislation has reshaped Guyana’s petroleum sector by ensuring citizens are active participants rather than bystanders.

“Today, because of the way in which we have managed the oil and gas sector, our local private sector is playing an integral part in the provision of goods and services to the oil and gas companies, because of that Local Content legislation,” he stated.

Bharrat explained that in many countries, international oil companies bring their own suppliers and build ecosystems that exclude locals. Guyana’s law was designed to prevent this, requiring oil companies and subcontractors to give first preference to Guyanese goods, services, and human resources.

As a result, thousands of citizens now work in areas such as logistics, transportation, accommodation, catering, technical support, and administration.

The minister noted that over 7,000 Guyanese are trained and employed directly in the industry, while another 7,000 benefit indirectly through supporting sectors.

Importantly, the law has spurred partnerships between international corporations and local businesses, leading to technology transfer and skills development.

A key feature of the legislation is the Local Content Register, maintained by the Local Content Secretariat, which identifies Guyanese nationals and companies qualified to supply goods and services. This mechanism has strengthened local businesses’ negotiating power with multinational companies.

Government has pledged to continuously review and expand the legislation, including increasing the number of mandated categories for local participation. The Act has been widely praised for giving Guyanese businesses leverage in a sector traditionally dominated by foreign players.

Bharrat’s comments come as ExxonMobil and partners Hess and CNOOC expand production in the Stabroek Block, which has established Guyana as a major force in global energy and the world’s fastest-growing economy. Exxon holds a 45 percent stake, Hess 30 percent, and CNOOC 25 percent in the prolific offshore block.