Wednesday, November 30, 2022

Major Brazil business delegation looking to enter Guyana’s oil and gas market

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The incredible growth of Guyana’s oil and gas sector has piqued the interest of investors across the world, looking to get in on the action. The latest is Brazil, with a major delegation scouting opportunities of its English-speaking neighbour through the Guyana Basins Summit 2022.

Leading the delegation is Mariele Lais Christ, Trade Promotion Analyst at Apex Brazil, the country’s official Agency for international trade and investment promotion.

She told OilNOW that with Brazil boasting a mature oil and gas market 70 years strong, oil and gas businesses there have loads to offer Guyana’s budding sector.

Her delegation comprises of 25 businesses attached to Apex Brazil and SEBRAE – the Brazilian Service of Support for Micro and Small Enterprises.

“The Brazilian companies are here exposing their solutions in the supply chain industry to Guyana. Those services range from machinery, foundry forging, industrial automation, intelligence monitoring and engineering services – repairs, inspection – so they are really here to show that they have expertise in an offshore oil and gas market,” she explained.

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Christ noted that Brazil has been paying attention to the growing demand of offshore services in Guyana and are hoping to play a part in filling that gap.

“Since we are a neighbouring country, and we are specialised in the oil and gas industry, it is a good opportunity for us to strengthen our partnership with Guyana and to provide our solutions to the industry’s needs,” the trade promotion analyst added.

Before the delegation’s trip to the GBS 2022, Christ said it has engaged with the Guyana Office of Investment (GO-Invest) and the Centre for Local Business Development (CLDB). Now, they are here to lay the groundwork.

Over the past two days of the Summit, the delegation has been meeting with businesses in the oil and gas supply chain. And according to Lais Christ, the response “has been exciting.”

While Brazilian companies are eager to establish a footing in Guyana, she noted that they are carefully examining the country’s new Local Content Act to ensure conformity before making concrete deals.

The law has been in place since December last year and was crafted in a manner that allows participation of Guyanese companies spanning 40 areas in the oil and gas sector.

Guyana has been producing oil in 2019 and has a resource count of close to 11 billion oil equivalent barrels. Two floating oil platforms are in operation in the offshore Stabroek Block – the Liza Destiny and Liza Unity. By 2025, two more will be added, seeing the supply chain demand increase significantly.

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