…support for summit was overwhelming;

THE Guyana International Petroleum Business Summit (GIPEX 2018) has ended, but the partnerships made and connections gained will last well into the future as the country marches towards oil production in 2020.

The event, billed as the official international oil and gas summit and trade show for Guyana and which had been in the making for some 18 months, ended yesterday with a closing press conference at the Guyana Marriott Hotel. In attendance were CEO of the Guyana Office for Investment, Owen Verwey; Head of Valiant Business Media, Shariq AbdulHai and Legal Officer of the Ministry of Natural Resources, Joanna Homer.

Thanking the media for their coverage and support over the past three days, Verwey said that the event was a success not only for the agency but for the nation’s economy.

Private Sector happy
Verwey said that the summit was important in fostering an understanding of what the demands are and what the likely impacts are for the oil sector. “What is it that the businesses coming to Guyana which are experienced in oil and gas are looking for? How do we need to position ourselves…the private sector [bodies] in particular…they all attended and are very happy?” Verwey asked, noting that such an endorsement from the private sector is significant. “We were able to do something to ensure that businesses in Guyana and the people of Guyana are able to better understand the industry,” he said.

Speaking of the exhibitors’ booth, he said that the visuals helped to show those coming into the Guyana market that there is capability within those persons and companies on display. Verwey said that the summit was of immense educational value, since the second day was opened to schools and technical institutions. “[They got] a visual understanding of what is involved in that particular industry…the risks, the technology, the demands for efficiency, the standardisation and all of the other things that are very important,” said Verwey.

Partnerships
According to the Go-Invest CEO, there have been a number of partnerships coming out of the summit. “Some new companies are likely to be evolved from these new arrangements,” he said, noting that there already were some press conferences held to this effect. He said that there were about five partnerships resulting in companies in various fields – from support services and education to public relations and marketing and design engineering. “Those are the known ones…there are others in the making,” he said, noting that he preferred the companies to make their announcements themselves.

With GIPEX being about partnerships, Verwey said that it is hoped that this momentum continues into 2019. He noted that there were a number of small contractors involved in the summit’s organising “and without that we would not have been as successful as we are,” he said.

Valiant seeking longer-term relationship
AbdulHai of Valiant Business Media which partnered with the Government on organising the event, said it was important for the local companies to be able to “feed off” the expertise and experience of the international companies. He is of the view that the event attracted support from across different stakeholders.

AbdulHai said that as momentum builds in Guyana, GIPEX in a few short years may evolve into a regional event focused on Guyana. He said such an event can attract hundreds of thousands of visitors. He disclosed that the event cost about US$500,000 to execute.

He explained that his company took on all of the financial risks associated with the event and had received no money from the government. He stated too that 25 percent of all proceeds goes towards an education fund. He said based on the outcome, Valiant Business Media is looking for a longer-term relationship with Guyana.

Over 600 delegates and over 200 companies both local and overseas participated in GIPEX 2018.