The Presidents of Brazil and Guyana, Jair Bolsonaro and Dr. Mohamed Irfaan Ali, met in Georgetown on Friday and agreed to cooperate on energy matters.
They intend to intensify information exchange on their national energy plans, experiences in regulatory matters in the oil and gas sector, and to collaborate in the prevention of oil spill accidents.
Meanwhile, on the private sector side, the Presidents welcomed the prospect of a virtual business seminar to explore opportunities in the oil and gas sector.
The bilateral virtual business seminar would be coordinated by the Brazilian Trade and Investment Promotion Agency (Apex-Brasil) and would be held in the coming weeks.
President Ali invited Brazil to invest in Guyana’s energy sector, a memo on the Presidents’ meeting stated.
The governments are also in talks on a regional energy corridor to be established with Suriname and French Guiana.
The meeting between the two Presidents, and the resulting agreements, is especially significant for Guyana. The small South American nation intends to ramp up offshore production so much that it will be a world leading deepwater producer in the next decade.
Rystad Energy has projected that by 2035, Guyana and Brazil will be the two world leaders in deepwater crude production.