THE Georgetown Chamber of Commerce and Industry (GCCI) continues to ensure its members remain informed and benefit from Guyana’s evolving energy sector.
As part of this initiative, the Chamber’s Petroleum Committee hosted Minister of Natural Resources, Vickram Bharrat, on Monday, where he provided insights into the pace of development in the oil and gas industry and regulatory matters.
The engagement, held at the Chamber’s boardroom, facilitated discussions on local participation in the sector, upcoming projects, and opportunities for Guyanese enterprises. Minister Bharrat emphasised the significance of these interactions in fostering collaboration and keeping stakeholders informed about ongoing and future developments.

Providing an update on offshore operations, the Minister highlighted activities in the Stabroek, Canje, Kaieteur, and Orinduik Blocks. He announced that the ONE GUYANA Floating Production, Storage, and Offloading (FPSO) vessel is expected to arrive in Guyana by June and become operational in the last quarter of the year.

“The average production right now is around 640,000 barrels per day, with three FPSOs—Unity, Destiny, and Prosperity,” Minister Bharrat stated. “By 2028, we will have six FPSOs producing.” He further noted that five drill ships are currently exploring the Stabroek Block and that increased gas discoveries are being made as exploration expands further south.

On the regulatory front, Minister Bharrat reaffirmed the government’s stance against ‘fronting’ and encouraged local businesses to form consortiums and partnerships to maximise opportunities. He assured that the Local Content Schedule will be updated to enhance benefits for Guyanese as the industry grows.

GCCI’s Senior Vice President and Chairperson of the Petroleum Committee, Kathy Smith, reinforced the Chamber’s commitment to ensuring Guyanese reap the benefits of the country’s oil wealth. She credited the Chamber’s advocacy efforts for contributing to the establishment of the Local Content Act, which prioritises Guyanese in hiring, training, and procurement processes within the sector.

“Since the discovery of oil, the GCCI has been resolute in its efforts to ensure that Guyanese benefit from this discovery,” Smith stated. “Our goal is to ensure our members have a thorough understanding of the industry, the government’s plans, and how they can benefit while supporting its development.”
She further outlined the Chamber’s ongoing initiatives aimed at strengthening local content participation and supporting the growth of indigenous businesses within the oil and gas industry. The GCCI remains steadfast in its advocacy to ensure that Guyanese companies are well-positioned to capitalise on opportunities in the rapidly expanding sector.