– natural resources minister informs first Caribbean Virtual Oil and Gas Summit

By Lisa Hamilton

THE first ever Caribbean Virtual Oil and Gas Summit (CARIVS) kicked off as a success on Tuesday with the virtual interactive platform allowing for hundreds of registered attendees to interact with investors, exhibitors and experts on the opportunities within the region’s oil and gas sector.

Guyana was a major feature for the event, along with regional countries such as Barbados, Suriname, Trinidad and Tobago and The Bahamas. Invited to address the Summit on behalf of President Dr. Irfaan Ali was Minister of Natural Resources, Vickram Bharrat.

Though the COVID-19 pandemic limits the ways in which people interact, Minister Bharrat commended the organisers for their innovation in hosting a virtual event of such magnitude.

The set-up included a general pavilion and prime pavilion where virtual booths were on display; a meeting room where attendees could interact one-on-one upon invitation, and a networking lounge where all persons could chat with each other.

Also included was a virtual conference room where all attendees gathered at the opening of the event to listen to Minister Bharrat’s keynote address. He provided a synopsis of Guyana’s petroleum sector, its current efforts to strengthen resource management and transparency, and the country’s vision for rapid development.

After providing a recap of Guyana’s numerous discoveries and the government’s role, he told the summit that Guyana intends to learn from the mistakes of other oil-producing nations and pattern itself after the industry’s best practices to ensure that the best possible benefit comes to all Guyanese.

On a screen projected in the room, the minister said: “This government will approach the oil and gas sector in a national, non-partisan manner. We are fully aware that this sector will bring not only significant financial resources and enormous transformational opportunities, but also many challenges. There are many examples around the world where developing countries have obtained windfalls from oil and gas but, eventually, ended up poorer than before. The resource curse will not be taken lightly and we will learn from the experiences of others.”

PREPARATION

Minister Bharrat also established that as Guyana is heading into one of the most momentous occurrences in its economic history, preparation is being put into building human and institutional capacity. He said the government is also meticulously crafting and agreeing to critical policy and legal measures such as the Natural Resource Fund (NRF) and the Crude Lifting Agreement (CLA), and pursuing strong support from governmental and non-governmental agencies.

To ensure that Guyana’s oil resources are well managed, he informed attendees that oil and gas companies will immediately be engaged on better contract administration and re-negotiation; the Petroleum Commission will be established and thousands of Guyanese will be trained to work in the sector.

He told investors that Guyana’s oil revenues will be injected in job creation, boosting the health and education systems, social and economic infrastructure, tax reduction, targetted cash transfers, building strong local content and saving for future generations.

“In managing this sector, this new and vibrant industry, our government remains cognisant that Guyana’s oil and gas sector is expected to be catalytic and pivotal in transforming our economy, our lives, and our future – nationally, regionally and internationally. It is therefore with all sincerity, that the State and people of Guyana salute those from all sides and disciplines for their significant contributions towards the sector,” he said.

Meanwhile, delivering remarks on behalf of ExxonMobil Guyana was its President, Alistair Routledge. He told attendees that the opportunities in Guyana are as good as anywhere in the world and ExxonMobil is committed to building on its foundation here.

While other companies came and left Guyana in their early stages of exploration, Routledge said that ExxonMobil, though the risk of deep-water exploration was high, stuck with Guyana and the Company and the country are now reaping the benefits.

TRULY IMPRESSIVE

“The foundation for the oil and gas sector in Guyana is truly impressive. When I think about the past year; however, my key takeaway is that we are just getting started,” he said.

Routledge also spoke to the ongoing drilling of the Tanager well in the Kaieteur Block; the company’s efforts to keep its employees safe amid the pandemic; the recent challenges regarding flaring; its local content contributions and the awaited approval of the Payara Development project.

Meanwhile, brief remarks came from President of the Georgetown Chamber of Commerce and Industry (GCCI), Nicholas Boyer, as the GCCI is a strategic partner for the event.

He expressed the GCCI’s conviction that there are opportunities in Caribbean markets and partnership between Caribbean counterparts can lead to long-term and far-reaching benefits.

“At a time when Guyana is committed to attracting investment and promoting partnerships and businesses, in all segments of the energy and oil industry value chain, the GCCI welcomes this opportunity to develop strategic relationships with other parties in the industry, and activate dialogue to encourage a favourable investment climate,” Boyer said.

“By working together — governments, industry and other partners — we can effectively secure a sustainable and prosperous future for this industry and the Caribbean region. This Summit is a major step forward in enabling us to achieve that and I look forward to the discussions that will follow.”

The summit is being hosted by Valiant Business Media (UK) and Valiant Business Media (Guyana) and runs from September 15-17. During this period, crucial exchange of industry-related information and perspectives will take place among stakeholders from regional countries with well-developed oil and gas sectors. Meanwhile, it will connect entrepreneurs, investors, operators, prime subcontractors, government bodies, and many others who have a keen interest in existing, growing and investing.