Friday, October 7, 2022

World’s 2nd largest oil producer told to invest now in Guyana, or pay more later

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A delegation from Saudi Arabia was told on Saturday that investing now in South America’s newest oil producing nation, Guyana, would be less expensive than even a year and a half down the road since the new petroleum hotspot is undergoing a major economic boom.

“I am just going to say to you one thing today, come and invest now, it will be too expensive for you to invest a year and a half from now, the decision is in your hands, the ball is in your court,” Guyana’s President, Dr. Irfaan Ali, told the visiting Saudi group, comprising government and private sector representatives.

As Guyana mulls NOC, Saudi Arabia markets itself as knowledgeable energy partner

Since ExxonMobil made its first world-class discovery at the Liza field in 2015, the company has found nearly 11 billion barrels of oil equivalent spread over 30 wells. The unprecedented deepwater success has seen investor interest in the country of just over 750,000, people at an all-time high.

“We do not have to sell Guyana anymore,” Mr. Ali told the gathering. “We just need to stick to the facts and the truth, and Guyana is blessed to sell itself naturally.”

The young Guyanese leader said the government is embarking on a journey that must position the country twenty-five years ahead of anyone else.

“We want to partner with you, we want to partner with the world. But you must understand that we also want to move quickly. We have an obligation to the people of this country to deliver to them as fast we can,” Mr. Ali urged.

Saudi Arabia’s Deputy Minister for Investors Outreach, Badr Al Badr, said tapping into the opportunities in Guyana is important since the Caribbean has become a priority zone for investments and business partnerships, for the Gulf oil producing state.

Saudi investment minister promises ‘strong capabilities and assets’ in Guyana partnership

“Saudi Arabia is a good partner for Guyana, since it is the 16th largest economy in the world,” Al Badr said. “Additionally, for the past three years, the Kingdom has had a GDP growth averaging 4% over the last 25 years, and this year [2022] the economy will grow by over 9%.”

He also pointed out that Saudi Arabian companies can bring knowledge in the introduction of the technologies and supplies needed for Guyana’s transition to becoming a major oil producer.

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