There has been a notable increase in the interest shown by companies in the United Kingdom (UK) to invest in Guyana since the arrival of the oil and gas sector. This was disclosed by British High Commissioner to Guyana, Greg Quinn, during a news conference on Thursday at his Bel Air Gardens residence, Georgetown.
“Since oil and gas here, the interest by UK companies has gone through the roof. We are now at the stage of seeing new companies coming out here every week. There was one this week and we have got another one coming in next week and a lot of these are like service companies,” he said.
Additionally, he pointed out that the UK companies already operating in the South American country have also begun to increase their activities in the sector.
“Then you have the ones that have been here for a while, like Tullow, first in partnership with REPSOL, now in partnership with Eco. So, they are starting to ramp up their activity and in fact, there are doing a seismic survey out in their block at the minute.”
Tullow Oil said in May that it was undertaking 3D seismic surveys at the Kanuku and Orinduik blocks offshore Guyana. Kanuku is located directly up-dip of ExxonMobil’s Liza oil discovery.
During a state visit to the UK in May of this year by Guyana’s President, David Granger, UK investors expressed significant interest in pursuing business ventures in Guyana. The President told the potential investors that his Government will continue to develop its sources of renewable energy and at the same time use the revenues from the petroleum industry to funnel its development of infrastructure and education.
Interest in Guyana is also rapidly growing from several other countries around the world. In June, a 25-member trade delegation from Trinidad and Tobago, representing dozens of companies, visited Guyana. A large Canadian contingent is also expected in the country in September, in pursuit of mutually beneficial ventures in oil and gas, with Guyana’s private sector.