Having a floating production storage and offloading vessel (FPSO) facilities simulator in the country is a massive achievement for Guyana. So says the country’s President, Dr. Irfaan Ali, who believes it unlocks a whole world of new opportunities for the South American nation.
Called FacTor, the simulator, housed at the Guyana Technical Training College Institute Inc. (GTTCI), is located in Port Mourant, Berbice – a region pegged for major development. It was recently commissioned by Stabroek Block co-venturers ExxonMobil, Hess and CNOOC, SBM Offshore and the government of Guyana.
“…we were one of the newcomers in the oil and gas sector, and just two days ago, we launched FacTor…as part of what we’re doing to build our human resource base, in Berbice,” Mr. Ali said, pointing out that it is one out of 10 in the world.
“So, this opportunity allows us to get access to new capital markets, get access to the serious, sophisticated investors…” he told Newsweek in a recent interview.
US$13 million was invested to create FacTor. Overall, over US$100 million will be invested in the GTTCI.
The facility, operated by SBM Offshore, is a fully functional plant that simulates the operation of an FPSO, using water and air.
A first batch of 24 trainees is already onboard.
President Ali’s vision for Guyana, using oil revenues as the building block, is to create a country known for its world-class health care system, education system, infrastructure, eco-tourism products and the building out of a vaccine production facility which would manufacture products for the entire region.
Guyana is quickly becoming an investment destination. Revolutionary is what Guyana’s investment chief, Dr. Peter Ramsaroop has called it.
The country has investment opportunities that are spread across the categories of agriculture, energy, forestry, information and communications technology (ICT), manufacturing, mining, services, tourism, and housing. Coined the Invest 55 Initiative, it is meant to build global partnerships, increase competitiveness, and globalise Guyana’s sectors.
