Thursday, October 6, 2022

With the 3rd largest oil reserves in the world – Canada stands ready to help new producer Guyana build capacity – High Commissioner

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Guyana is being encouraged to harness the decades of experience in the petroleum industry that Canada has to offer, as the South American country moves to develop its vast hydrocarbon resources.

This advice came from Canada’s High Commissioner to Guyana, Lilian Chatterjee, speaking at the first Caribbean Virtual Oil and Gas Summit (CARIVS). 

Addressing hundreds of virtual attendees, the High Commissioner pointed out that “Canada has the third largest or ten percent of the world’s proven oil reserve [and] Canada has been involved in offshore exploration and development since 1959 with first commercial production of offshore oil in 1992.” 

She pointed out that Guyana can harness Canadian petroleum expertise for its own offshore oil and gas needs. “Canada has a long history in Guyana. You know us and you know that we have always been a partner and friend you can rely on,” the High Commissioner stated. 

Further, she posited that the development of potential partnerships between Canada and Guyana could serve to build strong business relationships, transfer technology and skills development to support the growth of Guyana’s offshore oil and gas industry and associated sectors. 

According to High Commissioner Chatterjee, “Canadian sectors have led in the offshore sector for over 25 years and are ready to facilitate knowledge transfer through partnerships with Guyanese business institutions, and over the years our oil and gas industry has become a global innovator in equipment supporting the exploration, extraction and processing of hydrocarbon reserves both onshore and offshore.”

She noted that Canada already supports Guyana’s efforts to develop its people and resources, saying that the new oil producing nation already benefits from assistance in extractive sector governance. “The Canadian private sector has a lot more to offer with world class technologies, a wealth of expertise and a sound track record in oil and gas,” she affirmed. 

Canadian companies have in the past indicated an interest in forming partnerships with Guyanese businesses. Back in 2017, over 15 Canadian companies met with members of the Guyana Oil and Gas Association (GOGA) to explore ways of partnering with Guyana’s private sector for opportunities in the country’s emerging oil and gas sector. Since that time, several trade missions have been held with business representatives from the two countries.  

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