THE private sector in Guyana will be working to ensure that local businesses are set up to benefit from joint ventures as a recent business expo trip to the United Kingdom (UK) revealed that many are “hungry and thirsty” to learn how to enter the Guyana market.
The reports coming out of the recently-concluded Society of Petroleum Engineers (SPE) Offshore Europe Conference and Exhibition held in Aberdeen, Scotland this month, is that the interest in Guyana is at the highest it has ever been.

At a press briefing of the media on Tuesday at the Roraima Duke Lodge, Chief Executive Officer (CEO) of Guyana Office for Investment (GO-Invest), Owen Verwey, stated that Guyana’s participation was beneficial.

“Guyana’s participation at the conference allowed the delegation to benefit from several networking sessions with industry leaders,” he said.

“…there is significant interest in doing business in Guyana. This curiosity was evidenced by the level of participation by international companies at the Guyana events and their keen interest on how to capitalise on Guyana’s thrust towards oil production.”

During the period of September 3-6, the Guyanese delegation participated in a Networking Reception attended by 125 people and organised by the UK Energy Industries Council (EIC); attended the 21st ‘World Gateway’ series event attended by over 250 persons and hosted by Granite PR; attended a Guyana Reception hosted by Lord Provost of Aberdeen, Councillor Barney Crockett, and engaged in several one-on-one, business-to-business meetings.

Presentations were made by the British High Commission to Guyana; the Guyana High Commission to the UK; Hannam and Partners; Peter Hambro Limited and Dr. Lei Wang, the latter which launched the US$100M Guyana Onshore Fund.

The fund is intended to be an in-demand investment vehicle targeting the Guyana economy and its impending boom. Added to this, a Memorandum of Understanding (MoU) was signed between the Georgetown Chamber of Commerce and Industry (GCCI) and Aberdeen and Grampian Chamber of Commerce.

The two-year MoU will allow the two countries to support each other at various levels of business growth and prosperity. The Guyana delegation also visited Robert Gordon University, an applied university with specialist expertise in the oil and gas industry and the North East Scotland College.

Verwey stated on Tuesday, “Guyana continues to present a vast prospect, not only in the oil and gas sector but also in spin-off industries that will benefit from increased financial resources within the Guyana economy. Our involvement in events such as these, signals to international stakeholders that Guyana is ready to become one of the key players in the global oil and gas industry.”

Meanwhile, GCCI President, Nicholas Boyer, stated that the Guyanese-diaspora in the UK was amongst those interested in learning about doing business in Guyana. Many, he stated, were also buoyant about the recent oil find of Tullow Oil in the Orinduik block offshore Guyana as the company is UK-based.

“It is through these networking events that we learn, inculcate knowledge, experience networking and meet with companies who then [offers] its services to the industry,” Boyer said. “In Guyana, here is where we’ll need to set up a supply chain that can provide those products and services. Of course, one the fastest way for us to be able to do that is through joint-ventures and partnerships with countries which have existing technology and who have the existing know-how.” Some 15 Guyanese companies attended the oil and gas expo in Scotland while the SPE has a membership base of more than 164,000 in 143 countries.