REITERATING that Venezuela’s sham referendum has no bearing on international law, the Guyana Oil and Gas Energy Chamber (GOGEC) has called on investors to not fall prey to the Bolivarian Republic’s fear tactics.

The organisation further stated that the Government of Guyana is taking the necessary steps to make the investment climate ideal.

The following is a statement issued on Friday:
“The Guyana Oil and Gas Energy Chamber (GOGEC) wishes to join with the Government of Guyana (GoG) in reinforcing our unequivocal confidence in the investment climate in Guyana and urge the wider business community to pursue with their business as usual without any fear.

“Following the unlawful referendum by the Maduro Government in Venezuela to annex two-third of Guyana’s sovereign territory, the Maduro regime issued a series of ultimatum, including ordering oil companies to cease operations in Guyana’s exclusive economic zone within three months. We reiterate that the referendum has no bearing in international law, and more so, it is a blatant violation of the provisional measures handed down by the International Court of Justice.

“In the circumstance, GOGEC is cognisant of concerns within the business community regarding whether businesses should be concerned of an adverse ripple effect in the economic environment. To this end, GOGEC reaffirms that the business community should not react in a manner that would engender weakened confidence in the economy. The Government of Guyana under the leadership of His Excellency Dr. Mohamed Irfaan Ali, has been taking all necessary steps to protect Guyana’s territorial integrity, the national leadership has also successfully and remarkably spurred strong international support from many countries and international organizations across the globe. We have also seen the increasing military collaboration between the Guyana Defense Force with our Brazilian counterpart, the United States and Canada.

“In view of all of the forgoing, and considering the tireless work and leadership of the Government on the diplomacy front, there is absolutely no reasonably justifiable basis for the private sector to dampen its confidence in the investment climate. Furthermore, the Vice-President Dr. Bharrat Jagdeo at his press conference, held December 7, 2023, strongly assured the private sector and the country at large that the government’s development agenda will not be placed on pause, the government is moving ahead with its Budget 2024 preparation, and he urged the oil companies to completely disregard any threats from the Maduro regime.”