–says Natural Resources Minister

MINISTER of Natural Resources, Vickram Bharrat, has confirmed that the Guyana International Petroleum Business Summit and Exhibition (GIPEX) 2021, which was slated for June 28-30, has been cancelled. “The government will not participate in any conference/seminar now,” Bharrat said in an invited comment.
GIPEX, which was first hosted in 2018, is a collaborative effort between a United Kingdom (UK)-based company called Valiant Business Media (VBM), and the Government of Guyana.
This third edition of the conference was expected to be held virtually, featuring private breakout rooms, virtual facilities for one-on-one meetings, integrated chat and video conferencing, and the virtual exchange of business cards and brochures. However, this will no longer be the case.
“We will hold all such activities after COVID-19, and ensure all parties benefit, especially the local business community,” Minister Bharrat said.
Meanwhile, President of The Guyana Oil and Gas Energy Chamber (GOGEC), Manniram Prashad, on Wednesday, issued a statement expressing concern that forums such as GIPEX seek to stymie efforts to promote local content.

“Participating companies are required to sponsor or attend at exorbitant prices and all these monies are taken out of the local economy. In some cases, a pittance is given, if is any, to the local collaborators and the bulk of the profits goes out of Guyana with little or no benefit to Guyanese,” Prashad claimed.
The Guyana Oil and Gas Energy Chamber was reportedly excluded from the list of participants in this year’s GIPEX.
“Our membership is committed to local content in the interest of all Guyanese especially the poor and vulnerable,” Prashad said.
He argued that the Guyanese private sector is capable of promoting its own summit, and exhibition.
“The operators and all the sub-contractors should make every effort to assist and work with the Guyanese private sector to advance and promote all future summits and conferences,” Prashad noted Meanwhile, Minister Bharrat has insisted that the Government of Guyana has been, and will continue to promote local content in a manner that does not deter or discourage foreign investments.

“Guyanese must be able to benefit from all investments, foreign or local,” Minister Bharrat asserted.
The minister had previously acknowledged GIPEX as Guyana’s largest oil and gas conference and exhibition, providing a great opportunity for all stakeholders to convene in order to discover opportunities, be updated on the latest developments, network, establish business contacts and discuss opportunities and developments within the oil and gas sector in Guyana.
In a statement issued earlier in the month, Bharrat had said that GIPEX 2021 was intended to focus heavily on the advancement of local content, and the maximum participation of indigenous companies. “…the small and medium-sized enterprises, as well as the startups in addition to international companies interested in exploring tremendous opportunities in our oil and gas sector,” Bharrat had said. The last GIPEX fielded the participation of more than 250 local and international companies, along with 70 additional exhibitors.