22 C
Georgetown
Sunday, January 17, 2021

T&T oil decline driving investors to nearby Guyana – Ramnarine

Must Read

Oil price projections remain uncertain, Guyana already warned not to spend what it doesn’t have

Extreme price volatility has been a key feature of the oil industry and can have a major impact on...

Let local content policy be responsive to conditions on the ground, expert urges

Guyana has just entered its second year as an oil producing country and the question of how to maximize...

Halliburton delivers industry’s first successful grid-powered fracturing operation

Halliburton Company said on Thursday it has successfully deployed the industry’s first electric grid-powered fracturing operation. The job, being...
OilNOW
OilNow is an online-based Information and Resource Centre which serves to complement the work of all stakeholders in the oil and gas sector in Guyana.

Trinidad and Tobago (T&T) has seen a stagnation in its oil-based economy in recent years and with little to no new investment opportunities, its businessmen are now flocking the hemisphere’s newest Oil and Gas (O&G) hot-spot—neighbouring Guyana.

So says former T&T Energy Minister, Kevin Ramnarine who on Wednesday, September 11, lamented the state of affairs.

He was at the time a guest on a Globespan 24X7 panel discussion on Guyana’s emerging O&G sector and its opportunities. He was joined by former T&T Prime Minister, Basdeo Panday.

Moderated by Yog Mahadeo, Ramnarine was asked to give his views on Trinidadian sentiments, in light of the massive discoveries by its Caribbean Community’s (CARICOM) immediate neighbour—Guyana.

According to the former Energy Minister, announcements by airlines JetBlue that it will be servicing the Guyana route, in addition to American Airlines adding the route to its destinations, “are signals that things are beginning to change in the Caribbean…It is no secret that T&T businessmen are looking for opportunities.”

He said the investment climate in T&T has subsided to the point where the investors are turning elsewhere and that many have begun exploring, and are in fact establishing linkages with Guyanese businesses.

“Many have come to Guyana,” he said.

According to the Ramnarine, “if you look at comments on social media, people in T&T by and large are very happy for Guyanese.”

T&T exploration in decline as Guyana fast-becoming regional centre of attraction

The former minister’s disclosure came just hours after the Guyana Government confirmed an escalation in its overall issuance of work permits and visas for persons involved in the O&G sector.

Guyana’s Minister of Citizenship, Winston Felix, earlier in the day met with reporters for a press conference and divulged that hundreds of requests are being received daily.

Government, he said, has since begun exploring ways of expediting the process for persons in the O&G sector and gave as an example, the fact many persons simply arrive in Guyana to board a helicopter and travel offshore.

Latest News

Oil price projections remain uncertain, Guyana already warned not to spend what it doesn’t have

Extreme price volatility has been a key feature of the oil industry and can have a major impact on...

Let local content policy be responsive to conditions on the ground, expert urges

Guyana has just entered its second year as an oil producing country and the question of how to maximize benefits for the local population...

Halliburton delivers industry’s first successful grid-powered fracturing operation

Halliburton Company said on Thursday it has successfully deployed the industry’s first electric grid-powered fracturing operation. The job, being performed on several pads for...

Exxon has made 18 commercial discoveries out of 22 exploration wells drilled in Guyana

The success rate for finding commercial quantities of hydrocarbons offshore Guyana remains one of the highest in the oil and gas industry. Supported by...

Company planning to use recycled oil waste for production of bitumen, liquid mud

Oilfield Waste Management Services (OWMS) plans to construct a thermal desorption waste treatment plant in Guyana to support the growing oil exploration activities offshore...

More Articles Like This