–plans to hire over 40 Guyanese
WITH services ranging from the supply of equipment needed to service the petroleum sector to consultancy and strategic planning, Vitality Inc., through an investment of US$10 million (approximately G$2 billion), will be looking to position itself to not just tap opportunities in the burgeoning oil-and-gas sector, but to also help businesses remain relevant amid a growing economy.
After careful analysis of the local economy, Vitality Inc. has found it prudent to establish a local base at Providence, on the East Bank Demerara (EBD), in order to satisfy growing demands, particularly in the petroleum sector.
One of the main motivating factors in the company’s decision to “set up shop” in Guyana is the prospects of the Guyana-Suriname Basin, which remains one of the world’s last, unexplored offshore areas with significant petroleum potential.
Based on a geological survey done by the U.S., the potential of the Guyana-Suriname Basin could be as much as 13.6 billion barrels of oil, and 32 trillion cubic feet of natural gas.
Locally, American oil giants, ExxonMobil, has made 18 discoveries since May 2015, and began production in December 2019 from the Liza Phase One development project.
The company is the operator of the Stabroek, Canje and Kaieteur Blocks offshore Guyana. Since 2015, ExxonMobil has increased its estimated recoverable resource base in Guyana to more than nine billion oil-equivalent barrels.
“The world has been studying the economic climate of Guyana since the first discovery in 2015. Vitality Supplies has noticed a need for essential services and supplies to support the country’s economic growth within the oil and gas sector,” Director of Vitality Inc., Simon Kandial said during the launch of the company at RS 53 ‘RestoBar,’ on Friday evening.
He said that Vitality Inc., which includes Vitality Supplies and Vitality Accounting and Consultancy, subsidiaries which have been operating independently before the establishment of Vitality Inc., has been forging strong alliances with factories across the U.S., Asia and Europe. Those factories have an outstanding history for supplies to the petroleum sector worldwide.
“The team at Vitality is experienced in sourcing the right products from our trusted factories; we listen to what is needed, and ensure all the products we supply meet the country regulations and guidelines.
“Vitality Supplies intends to become one of the leading providers in South America, with a complete range of essential products and equipment for offshore operations. We intend to remove the cost of multiple deliveries, and creating a personalised customer service experience with reliability,” Kandial said.
Based on the pre-existing systems and its plan to grow as a local company, Vitality is ready to be a one-stop-shop for the petroleum sector, specialising in personal protective equipment, commercial safety clothing, tools, industrial cleaning supplies, chemicals and fasteners. In the near future, the company will be looking to increase its inventory with gaskets, seals, expansion joints, piping, and tubing systems.
The company will also be taking a “bold step” to forge an alliance with international organisations to develop a state-of-the-art environmentally-friendly waste management facility. Other services will include a ‘lab’ facility, and occupational health medicine and testing.
On the accounting and consultancy side of its operations, Vitality Inc. will be looking to provide the right resources, tools and technology to help businesses grow.
“At Vitality Accounting, we recognise this transformational growth that is happening over the next decade, and the need for local businesses to receive the right information and the right advice. Vitality Accounting, through its directors, has over 20 years of providing accountancy services and advice to companies.
“Our members are experts in International Financial Reporting Standards, US GAAP, and local GAAP, and hold certification from some of the most prestigious global financial services organisations around the world,” Director of Vitality Inc., Abbas Hamid said.
Whether start-up, small/medium size or a large corporation, receiving the right financial advice is important before making a decision.
It is for this reason that Vitality stands ready and equipped to prepare financial modelling to calculate the impact of a future event or decision, plan strategies for owner’s investment, develop project action plans, tracking tools and streamline project analysis.
“We strive to deliver results that improve the lives of our clients, employees and country, and provide growth opportunities for local and international clients,” Hamid said.
The company’s proposed direction and plans have intrigued both the Minister of Public Works, Bishop Juan Edghill, and Minister of Natural Resources Vickram Bharrat. Edghill, who spoke first, said the establishment of this company is timely, since the foundation is being set to further catalyse development in all sectors.
Minister Bharrat said, too, that the investment is timely, and would go a far way in contributing to local participation in the country’s burgeoning petroleum sector.
This project is one in a slew of projects which are scheduled for this year. It was reported in December 2020 that Go-Invest was able to facilitate 55 potential investments valuing $276.6 billion within three months, paving the way for the creation of more than 10,000 jobs in 2021 and beyond.
The Guyana Chronicle understands that of the 55 projects to which Go-Invest referred, 28 are local, 25 are Foreign Direct Investments (FDIs), and there are two joint ventures.
ALL GUYANESE MUST BENEFIT
“We want all Guyanese to benefit from the oil-and-gas industry, and this can only be achieved by creating strong local-content policies. A strong local-content policy and legislation will ensure that oil companies transact business with Guyanese-owned entities,” the minister said, adding: “There are many businesses coming to Guyana in the field of fabrication, shore-base services, and many other areas, but I think Vitality is one that stands out with the services they will be offering; it is quite unique to the industry at present, and we would ensure that we work on building a strong local content policy.”
In the early stages, the company will be hiring 40 people, after which it would look to expand and not just hire more persons, but provide training for Guyanese.
Vitality Inc., according to the investors, intends to create employment opportunities for the local Guyanese people, as per the trend the government is setting with local content.
“As our company expands in Guyana, we will provide training with the intention for permanent hire. We are also looking to certify local Guyanese to help run our operations smoothly. All employees who work with Vitality Supplies will be given the opportunity to grow with us, and help the country’s economic growth,” Kandial said. Already, the company is upholding its corporate social responsibility through its Vitality Foundation.
The Foundation has already extended its arms to many communities by providing food hampers, clothing, toys, over 9000 school bags with school supplies in the last six years, computers, millions in sporting gear, and cash grants to deserving families throughout Guyana. The company will also be constructing a home for one deserving school teacher.