The Diaspora Unit of the Ministry of Foreign Affairs and International Cooperation in Guyana says it is developing a robust network to facilitate investors looking to plug capital into the new oil producing country, as more opportunities continue to emerge from the petroleum and other sectors.
Rosalinda Rasul, who heads the Unit, told OilNOW they are working towards the development of a network and other mechanisms to make the investment process a smooth and efficient one. “We have been facilitating these investors so that they understand the process,” she said as she emphasised the heightened interest that the oil and gas sector has been receiving.
“Those who come to our Unit and express interest in a particular project, what we would do is we would find out who are the agencies that are related to that particular project and the agencies that they need to talk to with respect to that project. And if we learn that there are three or four agencies that they need to talk to, for example GRA or Lands and Surveys, or the EPA, we would facilitate them by connecting them through meetings with those agencies so they can do their preliminary work,” she explained.
Among the complaints received from interested investors is the difficulties they face in trying to make direct contact with the relevant authorities, so that they can get the necessary information and guidance. Investors have bemoaned the lack of response and feedback from some agencies, with some reports of failure to connect through the phone numbers listed for these organisations.
“As we go along, we’re actually going to create a network that allows them to interface directly with these agencies. One of the things we really need to focus on is getting communication going,” Rasul said. She disclosed that they are pursuing a system which will allow for easier communication with these agencies. “We want to have an open system where an interested investor can go directly to the Environmental Protection Agency or Central Housing and Planning Authority to connect with them,” she explained, noting that the Unit will be working alongside these agencies to execute this project.
Since the first world-class discovery of oil in 2015, interest in Guyana has grown, further expanding with the start of oi production less than 5 years after. To date, U.S. oil major ExxonMobil has found more than 9 billion barrels of oil equivalent off the country’s coast and plans to have around 10 FPSOs operating in the coming years, developing these resources.
