Last week was the Offshore Technology Conference 2023 (OTC), a four-day event based in Houston, Texas that serves as a central hub for convening energy industry leaders, experts, and government officials to share ideas and to discuss and debate the most pressing topics facing the offshore energy sector. Over the last four years, Guyana has been a breakout star at this event due to its rapid rise as an emerging oil and gas producer.

The event opened with a symbolic ribbon-cutting ceremony led by Dr. Peter Ramsaroop, Head of the Guyana Office for Investment (GO-INVEST) and Mr. Lutfi Hassan, Honorary Consul General of Guyana in Houston. OTC is the time of the year where the Guyanese government can tout to other international stakeholders across the offshore energy value chain that vast amounts of opportunities are present while demonstrating to peer governments and experts that it is taking sustainable and equitable development seriously.

Right now, Guyana is a hotspot for investment as the country angles to expand its local private sector and bring in more diverse investors. OTC is a prized forum for the Guyana Office for Investment and private sector companies to collaborate.

“OTC is one of the most prestigious platforms for the world to keep engaging with Guyana as we continue to lead on energy transition, low carbon development, and climate services,” Dr. Ramsaroop said.

“The group that we have here comprised representatives from Government and from private sector organisations, inclusive of individual companies at every size.”

One notable example of how impactful attending the OTC event can be for Guyanese stakeholders was a new memorandum signed between the Guyana Oil & Gas Energy Chamber (GOGEC) and CBMEX Energy Guyana, which signifies both groups’ intention to work closely together and share expertise, particularly in the oil and gas development and management space.

The President of GOGEC, Manniram Prashad, stated that, “GOGEC plays a significant role in linking Oil and Gas and energy companies to Guyanese businesses. We are excited to bring such a large delegation to the oil and gas capital of the world and expect to see tremendous results in the form of MOUs and contract signings.”

Guyana’s oil and gas industry has created tremendous interest for investment in Guyana, which has taken strides to create a favourable environment for new investors. Dr. Ramsaroop said it best, “Guyana is an exciting country [as] we are on the map for many reasons, […] Now that we’re in a significant growth stage, we’re like buying a stock.”
All of which to say, the Government has been proactive in supporting local businesses through policies such as the Local Content Act and putting in place transformative processes that will make it easier for companies to do business in Guyana.

Back in 2021, President Irfaan Ali highlighted the government’s work with regional bodies on the modernisation of the institutional and legislative infrastructure to help establish the single window approval system for permitting. This was a significant step towards making it easier to do business in Guyana by improving the access to more streamlined processes and approval.

An important factor in the success of Guyana’s oil and gas industry will be the ability to cultivate an economy where small and medium-sized businesses can grow, thrive, and take advantage of new opportunities. Permitting reform, cheaper and more reliable electricity and removing regional barriers to trade have all been cited by analysts as key steps to improving the ease of doing business in Guyana.

Earlier this year, an analysis by Focus Economics stated that Guyana is leading the list of top five countries with the fastest-growing economies up to 2026. The country is on a fast-paced upward trajectory and while surrounded by global economic uncertainty, Guyana continues to develop at a rapid rate. The country is growing quickly across all sectors and the investments being made in Guyana are positioning the country as an emerging market leader, both in the region and globally.