Friday, September 29, 2023

Major interest shown in Guyana on day 1 of OTC 2019

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On just the first day of the Offshore Technology Conference (OTC 2019) Guyanese officials and business representatives are already reporting major interest being shown in the country by participants at the event.

The 600 square foot Guyanese booth saw heavy traffic on Day 1 of the signature conference and exhibition, with some companies already reporting positive feedback that points to potential business engagements going forward.

“It’s been extremely good. Not only have we met some very interesting people, we made some very useful contacts that I am pretty confident will result and translate into good business,” commented Nigel Hughes, Chairman of HFS Corporate Services Inc., a provider of corporate services to the oil and gas industry.

Hughes, speaking on the sidelines of OTC, said the interest in Guyana is peaking and the feedback from major players in the international oil and gas industry confirms that significant opportunities exists in the South American country.

“Everybody that has come here, including the people that build the topside for the Liza Destiny FPSO are extremely enthusiastic about Guyana. People are making plans based on our meetings here today to come down to Guyana and I would say that we have generated a significant amount of interest in Guyana, not only in oil and gas but in general,” he stated.

With more than 5.5 billion barrels of oil equivalent found so far by US oil major, ExxonMobil, off the Guyana coast, the country has emerged as the newest oil and gas hotspot on the South American continent.

Guyana is set to produce its first barrel of oil within months at the Liza Phase 1 Development, and already, ExxonMobil has sanctioned Phase 2 for start-up in 2022. The oil major along with partners Hess and CNOOC are targeting upwards of 750,000 bpd by 2025 from multiple developments utilizing at least 5 FPSOs, by 2025.

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