–expert advises

By Rehana Ahamad

WITH the emergence of Guyana’s booming oil and gas industry, the country has become a major international attraction, with scores of outside investors tantalised and ready to capitalise on available opportunities. Apart from a serious case of “bad-eye”, it is also possible for Guyana to be the victim of bad investments; or even worse, investments with ulterior motives. Christopher Moyes, President of Moyes and Company, recently hosted a webinar which was facilitated by Oil Now Guyana. Moyes, a negotiation expert, provided an overview of the oil and gas industry in Guyana and globally, with specific focus on licensing, bid rounds, and how Guyana compares to other countries.

Questioned by the local media, Moyes stressed the need for the Government to exercise due diligence when considering outside companies coming into Guyana to invest. “Negotiate,” he emphasised, adding: “You could pre-qualify companies like what Mexico did and what the US does. You (potential investors) have to disclose your technical experience; your financial capacity. You sometimes have to advise and demonstrate that you have technical competence to operate.” In citing the need for modified regulations, Moyes insisted that Guyana needs to be more prudent in protecting all of its extractive industries, including mining and fishing, among others. “There are mechanisms to do it; the Government just needs to make up and implement the rules,” Moyes noted.

Guyana’s oil reserves are estimated to contain more than eight billion barrels, one of the world’s largest. The revenue expected from Guyana’s young oil-and-gas sector is estimated at $168 billion over the life of the project. Moyes noted that with the money “flowing in Guyana now”, Guyanese are set to be in the top 10 per cent of the world, in terms of the country’s Gross Domestic Product (GDP). “Guy will have a lot more discoveries,” he opined. Moyes is the past president and current member of the Association of Petroleum Negotiators (AIPN). He is also a member of the American Association of Petroleum Geologist (AAPG); the Petroleum Exploration Society of Great Britain (PESGB); and the South East Asia Petroleum Exploration Society (SEAPEX).