…Min Trotman urges local businesses to get in line for oil

‘Our faith tells us Guyana’s time is now.’

MINISTER of Natural Resources, Raphael Trotman on Wednesday urged Guyanese entrepreneurs to be prepared for an increase in investments and a hive of business activity as the country’s petroleum sector evolves.

Trotman was at the time addressing hundreds of delegates at the opening of the inaugural Guyana International Petroleum Business Summit & Exhibition (GIPEX) at the Georgetown Marriott Hotel. The audience included hundreds of foreign and local delegates and among the special guests were ministers of government including Minister of Foreign Affairs, Carl Greenidge who was performing the duties of Prime Minister, Minister of State, Joseph Harmon, Minister of Public Security Khemraj Ramjattan, Minister of Public Telecommunications, Cathy Hughes and Junior Minister of Natural Resources, Simona Broomes, among others.

Trotman in his address called on locals to upgrade their skills and knowledge, improve the standards of their businesses and form alliances and partnerships as 2020 nears. “In boardrooms across the world, Guyana is the talking point,” he said, noting here is the place to be. He said that Guyana‘s aim is to be the gateway into and out of South America, noting that Guyanese are an innovative and indomitable people who have provided their skills globally.

The subject minister noted too that the nation has arrived at an important juncture in its history and according him, what is undertaken at this point in time will determine the country’s future. He stressed that the citizenry must recognise its right to own and possess and to enjoy the bountiful resources of Guyana. ”In all humility, as we look proudly at what we have today, ”he said as he mentioned the 3.2 billion recoverable barrels of oil which exists offshore and the immeasurable wealth which has been bestowed on Guyanese and the manner in which such wealth has lasting impact on the population.

Minister Greenidge told the gathering that the Foreign Affairs Ministry has a responsibility to welcome and provide information to companies which are interested in operation here, as he welcomed the companies, both local and foreign which have undertaken such steps. ”Our interest is in having strategic partners, companies that have an interest in working along with the Guyanese authorities in the longer term to exploit resources in a manner consistent with our own ambitions.”

He said that thus far, notwithstanding the naysayers, the government has been able to work with a number of companies and it is pleased with the announcements by other petroleum companies within the past few days of their plans to assist in exploiting the country’s natural resources. This week French oil firm announced its interest in the petroleum sector here. Minister Greenidge expressed the hope that GIPEX will be able to provide a framework for understanding the resources here, the policy framework in which they are to operate as well as the plans and possibilities that the international and local companies have for the exploitation of the nation’s resources.

Minister of Public Telecommunication, Catherine Hughes during her address, noted that Guyana has had its fair share of hard times like many other developing countries but she noted that the citizens have proven their resilience. “For far too long Guyanese would leave what they call the land of promises to find the promised land mostly in places like North America.” Hughes said, this is Guyana’s time now, noting that, ”we cannot be so blighted, Guyana must have oil and we are excited that we are now on that path to development.”

Patricia Bacchus, Chairperson of the Guyana Office for Investment (GO-Invest) told the large gathering that the country has recorded stable, macro-economic growth over the past eight years and she noted that the advent of the oil and gas sector is regarded as a significant step in the country’s economic diversification efforts. She said that it is hoped that this becomes the springboard from which wider economic diversification can be facilitated. Bacchus said that with a young economy, Guyana provides immense opportunities for investors and she urged participants to view the gaps in the country’s economic activities not only as shortcomings but also as opportunities. She said the exhibition provides a forum through which the petroleum sector can be carefully explored to lead to exploring the various economic opportunities along the value chair which are ripe for investment.

Private Sector Commission chairman, Eddie Boyer told the audience that during his lifetime, he struggled to understand why each neighbouring country produced oil, but Guyana did not. He said his realties have been confirmed with the world class discoveries amid ongoing exploration. He deemed the forum a foundation and conduit for success. The forum will run until Friday and a number of workshops and panel discussions are expected to be undertaken during the three day event. A number of companies, both local and international, are taking part in the activity. On Friday the exhibition will be open to the general public from 1600hrs.