…Guyana, Canadian Province sign oil and gas cooperation pact
…knowledge transfer, joint ventures among areas

THE Government of Guyana and the Government of the Province of Newfoundland and Labrador signed a Memorandum of Understanding (MoU) paving the way for increased collaboration in the Oil and Gas Industry.

The new agreement sets the platform for Guyana’s Department of Energy and the Department of Natural Resources in Newfoundland and Labrador to collaborate in the areas of supply chain development, joint ventures and exchanges, knowledge transfer, technology development, training and health, safety and the environment.
The MoU was signed at the Ministry of the Presidency on Monday by Minister of Business Dominic Gaskin, and Newfoundland Minister of Natural Resources Siobhan Coady in the presence of the Canadian High Commissioner to Guyana, Lilian Chatterjee.
Director of the Department of Energy (DoE), Dr. Mark Bynoe; Newfoundland and Labrador Deputy Minister of Natural Resources, Gordon McIntosh; and Provincial Trade Commissioner to the Latin America and the Caribbean, Bob Norman were among the officials that witnessed the signing of the MoU.

With Newfoundland and Labrador’s Offshore Oil and Gas Industry in its 20th year of production, the Canadian Minister said there is much to offer Guyana as it prepares for the production of oil in 2020. Minister Coady noted that during its early years of exploration and production Newfoundland and Labrador depended heavily on joint ventures to develop, and now it is open to partnering with Guyana.

“We are here today to work with you, to give you the experiences that we have so that you can build and grow…We look forward to seeing the growth and development of the Oil and Gas Industry here in Guyana and the benefits coming to this great country,” Minister Coady told reporters shortly after signing the agreement.

Minister Gaskin told reporters that it is important for Guyana to develop long term relations and partnerships with other governments and organisations as it develops its Oil and Gas Industry.

“It is important for Guyana that we do develop long term relations and partnerships with partner governments. As we explore the oil and gas sector, with which we are not too familiar, I think it becomes all the more important that we benefit from the experiences of those who have done this before,” the business minister said.
According to Clause One of the MoU, which has a lifespan of three years, states, the parties will facilitate economic cooperation and business opportunities in Guyana and in Newfoundland and Labrador by organising reciprocal visits to the other jurisdiction that include representatives of industry and government.

Minister Gaskin said to ensure the implementation and success of the agreement; a Joint Working Committee would be established with the Deputy Minister of Natural Resources, Newfoundland and Labrador serving as the co-chair. Dr. Bynoe as the Director of the Department of Energy here will serve as the co-chair.

The Joint Working Committee will be responsible for the development of an annual work plan, and would also be required to report to the two governments on progress made.
The agreement with Newfoundland and Labrador comes approximately one month after Guyana signed a MoU with Trinidad and Tobago for cooperation in the energy sector.
Guyana and Trinidad have agreed to provide technical assistance in the areas of exploration and production of hydrocarbon resources; exchange information on public policies in the areas of regulation, administration and sovereign management of hydrocarbon resources and technology transfer; promote training and capacity building of technical personnel; development procedures to prevent and respond to operational accidents which may result in damage, environmental impacts and personal injury among other areas. The agreement with Newfoundland and Labrador also comes at a time when a large trade mission from that province is here in Guyana to foster partnerships with businesses here.