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Tuesday, January 19, 2021

Guyana is now the destination of choice for oil and gas companies, investment chief says

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Investors and governments from around the world have been discussing various opportunities with Guyanese authorities in recent months that could potentially see hundreds of billions of dollars being plugged into South America’s newest oil and gas hotspot.

Chief Executive Officer of the Guyana Office for Investment (G-Invest) Dr. Peter Ramsaroop has disclosed that several companies operating in Guyana in support of the exploration and production activities offshore are looking to establish their regional headquarters in the country.

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He said the country’s oil industry has taken off and investment interest is at an all-time high. “What we’re finding too, in a gap analysis with the private sector, is many of these companies supporting the oil industry are actually moving their regional headquarters to Guyana.”

These companies, he said, are no longer looking to Trinidad or Brazil to have functions such as the repair of equipment undertaken there. “They now want to set up their regional headquarters in Guyana and that again is a significant boost for our investment climate and that’s with just the known oil finds. We’re projecting significantly more in the near future,” Dr. Ramsaroop stated.

In fact, new companies continue to pour in with an interest in servicing the industry, the latest being Oceamar–an offshore agency. The Mexico-based company provides a wide range of maritime port services in the oil industry.

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Dr. Ramsaroop met with the company’s representatives and Mexico’s Ambassador to Guyana, Jose Omar Hurtado Contreras, recently. “They’re the largest offshore company in Mexico, they’re looking to come set up operations in Guyana,” he said.

He highlighted that the company is acting based on their knowledge that Guyana still has a number of oil blocks to be auctioned off and drilled, which means that more oil discoveries are inevitable. “So, they’re ready to step in and set up operations and work towards building an investment. They will be looking at things like helicopter pads, bringing in helicopters, bringing in vessels in support of the oil industry,” he disclosed.

US oil major ExxonMobil has made a record 18 discoveries since 2015 at the Stabroek block offshore Guyana and began producing oil in December 2019. The company recently increased its estimated gross recoverable resources for the block to 9 billon barrels of oil equivalent.

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