-Min Gaskin says oil industry will be better enhanced through partnerships

GUYANA is on the verge of becoming one of the biggest oil producers but, Minister of Business Dominic Gaskin said that the country will be no Singapore or Norway, just a better Guyana.

While money from the industry will be invested “wisely,” the minister said the country will be developed to a Guyana which young Guyanese want to be a part of.
Gaskin laid out Guyana’s plan during a panel discussion on oil-and-gas development in Guyana, hosted by Rice University’s Baker Institute, on Tuesday, February 26.

“I am encouraged by the capacity-building I have been seeing… we are developing best practices and local companies have been partnering with experienced international companies to do the same in order to supply the local sector,” said Gaskin.
International interest in Guyana peaked after ExxonMobil revealed the country’s oil-and-gas prospects. First production from the offshore Liza field is expected in 2020, and full development could yield 500,000 barrels per day.

“We welcome the interest and investments because we have people who have needs and our people are our priority,” said the minister, adding that a vast majority of Guyanese is hopeful than ever before.

Gaskin believes that prior to 2015, Guyana was one of the most ignored countries in the world, but now the attention has grown and businesses are interested in what is going on offshore Guyana.
In light of this, government has embarked on a digitisation programme because government sees oil as a means of transforming the economy and fast-tracking development.

Government also intends on rolling out major infrastructure development projects and delivering services in education and youth development effectively.
Guyana, however, cannot proceed alone, he said, adding that the country sees oil activities as a way to create partnerships.

“By this I mean government will be the facilitator through a well-regulated industry…we recognise there is a lot we can lose if we do not manage the sector properly,” said Gaskin.
Guyana has arrived on the oil scene quite late with an obvious lack of experience but, the minister believes that the country is fortunate to be starting at a time when there is a wealth of information.

With assistance from other countries and agencies, Guyana would be able to measure the impact of oil on economies at various stages of development.
“We have been able to analyse the negative consequences of rapid growth…countries have failed because they could not anticipate the magnitude of oil on economies,” said Minister Gaskin.

As Guyana continues to take examples, he said the country will note the importance of maintaining its traditional sectors such as agriculture, mining and tourism.
“We not only want to maintain these sectors but also partner with reputable international countries to develop our product,” said Minister Gaskin.