Guyana looking to learn from experiences of Newfoundland and Labrador as MoU on O&G cooperation is inked

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Guyana’s Minister of Business, Dominic Gaskin and Newfoundland and Labrador’s Minister of Natural Resources, Siobhan Coady, both signed an MoU in the area of oil and gas development on Monday, October 15, 2018 at the Ministry of the Presidency, Georgetown, Guyana.

The Government of Guyana and the Canadian Province of Newfoundland and Labrador signed a Memorandum of Understanding (MOU) on Monday at the Ministry of the Presidency, in the South American country’s capital, Georgetown.

The MOU is intended to foster greater collaboration between the two in the area of oil and gas development.

Guyana’s Minister of Business, Dominic Gaskin and Newfoundland and Labrador’s Minister of Natural Resources, Siobhan Coady, both signed the document.

Following the signing, Gaskin said, “It is important for Guyana that we develop long-term relationships and partnerships as we explore the oil and gas sector, especially since we are not extremely familiar with it. It is also equally important that we benefit from those who have done this before and so we are grateful for this opportunity.”

Additionally, Minister Siobhan Coady noted that Newfoundland and Labrador has been developing its’ offshore oil and gas industry for decades and she believes that Guyana can gain a wealth of knowledge from its’ experiences.

Coady said, “One of the things that we did in the early days was work with joint ventures and others that had that experience so that we can develop and do that knowledge transfer and that what we are here to work with you to give the experiences we have and you can build and grow your opportunities here in Guyana.”

She also encouraged Guyanese to take advantage of the opportunities that will arise from the emerging oil and gas sector. “It is certainly a great opportunity for the Government and the Guyanese people to really enjoy the prosperity that comes with oil and gas development,” the Natural Resources Minister said.

Under the MoU, She said, there will also be opportunities for training. “I know the college of North Atlantic has already been in contact with Guyana training institutes to have that type of knowledge sharing transfer,” she stated.

According to the Newfoundland and Labrador Minister, “The development of potential partnerships between the two jurisdictions could serve to build strong business relationships, transfer technology and skills development to support the growth of Guyana’s offshore oil and gas industry.”

The MoU is valid for three years and can be reviewed, once both parties have agreed to it.