The CEO of the largest telecommunications company in Guyana is urging Guyanese to carefully consider how becoming an oil producing nation will significantly transform the country which has gone from having no known oil resources to more than 6 billion barrels in just under 5 years.
“I don’t think the folks right here in Guyana – the Guyanese – really realize what the oil and gas sector will bring,” GTT’s Chief Executive Officer, Justin Nedd, told the media at a press update on the sidelines of the recently concluded Guyana International Petroleum Exhibition and Summit (GIPEX) held at the Marriott Hotel in Georgetown.
Nedd said the emerging oil and gas sector “will be a great catalyst for growth” in the South American country, the impact of which is already being seen.
“Just go outside and look at the Marriott and you will see the large number of people there. I came back on a plane two days ago and the plane was full. Every time you get on a flight the plane is full. Two years ago, I could’ve gotten on a flight and would’ve had three rows to myself because there was just not that many people traveling. Now, even if you want a business class seat, it is not available,” the GTT CEO said.
Nedd pointed out that while Guyanese at home don’t yet realise what is coming, visitors to the country are fully aware of the impact oil production will have on the small nation of just over 750,000 people.
“I can tell you that all the people that are coming from outside of Guyana, they absolutely are on it. So, I would want us to take a step back and think and move away from reacting to mere impulses. Take a step back and act so that you can create wealth, you can create prosperity, not only for the country but for yourself and family,” Nedd urged.
US oil major ExxonMobil, operator at the 6.6 million acres Stabroek Block, is expected to begin producing oil next month – ahead of the Q1 2020 schedule – at the Liza Phase One Development project. The 120,000 barrels per day development will be closely followed by Phase 2 in 2022, while a third project is expected to be sanctioned in Q1 2020 with a potential 2023 start-up.
The company has made a record 14 discoveries offshore Guyana since 2015. Norway-based Rystad Energy has said government revenue from the development of these resources could exceed US$120 billion.
