GUYANA is poised to benefit significantly from its recently signed Memorandum of Understanding (MoU) with the Government of Trinidad and Tobago (T&T), which speaks to technical support in the area of oil and gas exploration.

It was signed during the 41st Meeting of the Council for Trade and Economic Development (COTED) in the twin- island republic.
Minister of Natural Resources and the Environment, Robert Persaud, yesterday explained that through this agreement, Guyana will receive support from T & T to develop capacity, specifically in the area of oil and gas in terms of skills training.
Additionally, the two countries will be looking for opportunities that will foster further collaboration, exchange information and deployment of some of the technical staff to support Guyana’s efforts to develop oil and gas.
“This is a very important MoU which we will be pursuing aggressively,” Minister Persaud assured.
The MoU will be in force for two years, with options to renew through mutual agreement, or terminate through diplomatic channels. Both parties will meet annually to review the status of the cooperation executed under the MoU.
All CARICOM countries have now fully embraced the objective of pursuing renewable energy development as a critical dimension of their energy sector development towards the diversification of their energy supplies, creation of a hedge against the impact of rising world oil prices – thereby improving their energy security, lowering their carbon footprint and improving climate compatibility, and improved energy access in remote areas.
Subsequent to his engagement in Trinidad, the minister travelled to Canada to represent Guyana at the Prospectors & Development Association of Canada’s (PDAC) International Convention, Trade Show, and Investors Exchange in Toronto.
This is an annual event which brings together investors, prospectors and financiers in the extractive industries with a view to looking for future investments and opportunities.
During this conference, the ministry hosted a Guyana Day seminar, which Minister Persaud said was oversubscribed, attracting a large number of stakeholders from the various minerals sub-sector, not only from Canada, but from other countries as well.
The seminar at the PDAC has proven to be one of the most successful events for Guyana over the years. The annual mining convention attracts on average  over 40,000 participants.
“We were also able to showcase what we were doing and our interest in terms of balancing an expanded mining sector with the concerns of the environment. That certainly received positive response,” the minister said.
Guyana’s governance framework generally, and particularly as it relates to the mining and extractive sector, was also discussed, as well the country’s commitment to transparency and to the elimination of elements of illegality.
Minister Persaud said with the outstanding performance of the mining sector last year, particularly gold production, the ministry will work with all stakeholders to ensure the continuation of this trend.