THE Region Three Private Sector Inc. (R3PSInc) has said that ExxonMobil’s recent announcement of two more oil discoveries will strengthen Guyana’s global position and attract more commerce and business investments, which the country needs to rapidly evolve.

This is according to Head of the R3PSInc, Halim Khan, who noted that more than 3,200 Guyanese now support ongoing exploration and production activities in the sector.

Underscoring that these discoveries will add to the previously announced recoverable resource estimate of 10 billion oil-equivalent barrels, Khan said new projects continue to drive investment in Guyana’s growing economy as ExxonMobil and its key contractors have spent more than $540 million with more than 800 local companies since 2015.

Khan said he anticipates more investment opportunities in Region Three from the oil and gas sector since the company’s current cache of offshore projects and those in the pipeline represent approximately US$30 billion in direct foreign investment in the country and billions more is expected to be generated.

“All of the major international oil and gas contractors have a presence in Guyana and have steadily been moving activities from the United States, Brazil and Trinidad and Tobago to Guyana. Almost the entire supply chain for our offshore activities have been relocated to Guyana. This has created opportunities for the Guyanese private sector and Region Three is ripe for developmental opportunities in all sectors,” the R3PSInc Head noted.

He added that Exxon believes that Guyanese should not only benefit from the oil revenues but also play an active role in the development of the resource.

Khan said that while the private sector will shape the future of energy in Guyana, it should be able to seize multiple opportunities and continue to be bold in its planning.

He noted that while the private sector is dependent on its workforce and should invest in its employees, governments also have to play their part.

He added that not only will the private sector be pivotal to the development of the energy sector, but the private sector can use this opportunity to build capacity, capability and experience for long-term international competitiveness.

Guyana, he said, needs to invest in its people through education and training as ExxonMobil remains committed to the involvement of the Guyanese workforce and suppliers of goods and services.