Saturday, August 13, 2022

Oil has opened floodgates for massive investments across all sectors in Guyana – US Ambassador

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With 10 floating production, storage and offloading vessels (FPSOs) envisioned for the production of Guyana’s multi-billion barrels of oil equivalent resources, companies from across the world are rushing to the South American country to cement their place in every possible sector, says United States Ambassador to Guyana, Sarah-Ann Lynch. Put frankly, the envoy asserted that oil has opened the floodgates for massive investments.

The US official made these and other remarks on last week when the Guyana Manufacturing and Services Association (GMSA) hosted its Annual General Meeting at the Princess Hotel.

There, the Ambassador disclosed that last year, in the first three quarters alone, the trade between Guyana and the US totaled US$1.6 billion.

“And we’re just getting started. US companies are ready to partner in a number of areas, not just in the oil and gas sector, but also infrastructure, agriculture, healthcare, services, tourism, etc. which to me, in a way, represents a positive shift in the narrative we are promoting when it comes to economic cooperation with US companies,” expressed Ambassador Lynch.

“And let’s be honest. The floodgates have opened. Guyana is truly open for business,” expressed the official.

Turning her attention to jobs in the sector, the US official said more than 3,000 Guyanese benefits directly from good jobs in the oil and gas sector but noted that the numbers are much higher especially when one factors in the indirect employment numbers.  “But what we know for sure is that Guyanese youth can now look for great jobs here in Guyana instead of overseas.”

Going forward, Ambassador Lynch said she would encourage business executives to look for good local talent. In this regard, she said they must hire staff based on merit, on their expertise and track record of accomplishments.

On December 31, 2021, Guyana passed a local content legislation that sets out the framework and targets for companies operating in the oil and gas sector.

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