As Guyana’s oil production continues to ramp up, so will development and investment opportunities for both local and international players in the business sector. This is according to Dr. Peter Ramsaroop, Chief Investment Officer and CEO of the Guyana Office for Investment (GO-Invest).
Ramsaroop highlighted that the benefits of this will extend beyond Guyana to its CARICOM neighbors. He spoke during the ‘Around the World Series’ panel at the Offshore Technology Conference (OTC) in early May, which focused on regional approaches and collaborations in the offshore energy sector.
He shared key pillars in the growing success of Guyana’s oil and gas industry that will create an investment bridge for the country. He spoke of the rapid transformation taking place in the non-oil sectors, fueled by the Natural Resource Fund (NRF), and how it serves as a guide to ensure oil revenue is spent transparently to achieve Guyana’s goal of post-oil diversification–Vision 2030.
Keen emphasis was placed on directing the country’s oil wealth towards transformative investments. This approach aims to create a skilled workforce, develop world-class infrastructure, and introduce modern systems.
Projects like the Guyana-Suriname bridge, the paved road connecting Guyana and Brazil, deep water ports and Silica City all reinforce Guyana’s commitment to integration and diversification, the Chief Investment Officer noted.
Guyana’s Gas-to-Energy (GTE) project, financed by a US$526 million loan from the Export-Import Bank of the United States (U.S. EXIM Bank), aims to double energy capacity and reduce electricity costs by 50%, Ramsaroop emphasized.
Guyana closes 2021 with over US$600M in NRF – Central Bank | OilNOW
Ramsaroop highlighted that the country’s growth – supported by the NRF – is rooted in intentional investments in agriculture, manufacturing, tourism, education, and information and communication technology (ICT). He pointed out that these initiatives are supported by a strategic approach to financial management, as well as a government that prioritizes inclusivity and is focused on future development.
