MODEC, a solutions provider in the oil and gas sector, stated that it recruited 18 Guyanese and spent approximately US$3.4 million (or approximately G$709.5 million) on goods and services from local suppliers in 2024.
This was detailed in a press release from the company, which announced that MODEC had obtained its 2024 Local Content Certificate of Compliance and that its 2025 Local Content Plan had been approved.
See below the full release:
MODEC announces that it has received the 2024 Local Content Certificate of Compliance from the Local Content Secretariat, as well as approval for its 2025 Local Content Annual Plan.
These achievements reflect the significant efforts MODEC has made in advancing local content initiatives over the past year in Guyana and underscore the company’s ongoing commitment to fulfilling the requirements of the Local Content Act 2021.
In 2024, MODEC recruited 18 Guyanese nationals and launched its inaugural onshore trainee and internship programmes to support the development of local professionals. Additionally, MODEC publicized 45 procurement opportunities and invested over US$3.4 million in the procurement of goods and services from local suppliers. The company also made substantial investments in community initiatives focused on education, technology and the environment.
This year, MODEC will continue to recruit and train Guyanese nationals, invest in community development initiatives and offer more than 100 procurement opportunities to local suppliers.
MODEC remains committed to supporting the growth and development of Guyana’s local workforce and economy, in alignment with national priorities and the Local Content Act.
About MODEC
MODEC has been a leading provider of floating offshore solutions for the oil and gas industry for
more than 55 years. The company was founded in Japan and is present in over 15 countries. In its operations globally, MODEC delivered over 50 floating units projects, always working to value the local expertise, develop partnerships, transfer knowledge, and boost the country’s economy.
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