Guyana is using its growing oil and gas sector to build new industries and business opportunities across the wider economy, Senior Petroleum Coordinator Bobby Gossai said on Tuesday at the Offshore Technology Conference in Houston, Texas.
Speaking during the Around the World Panel Series on day two of the conference, Gossai said the government’s approach goes beyond managing offshore petroleum production. He said legislation tied to the sector is also being structured to support investment in environmental services, safety systems, manufacturing and future decommissioning work.
“What we did, we created the Petroleum Activities Act, and that act that we created and put in place wasn’t just a legislation to govern the sector, but was one to allow for the development of businesses and services for the oil and gas sector,” Gossai stated.
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Guyana became an oil-producing country in 2019 after first oil from the Liza 1 development in the Stabroek Block. Offshore production is led by ExxonMobil alongside Hess and CNOOC. The country now has four producing offshore projects, with several more developments approved for the Stabroek Block.
Gossai said the government has been linking petroleum laws to wider economic activity as production expands and new industries emerge.
“And then we turn to the aspects of providing services for such things as decommissioning. Some may say we are not ready for that, but you have to start a plan for that from the second year of development, the official explained.
He also pointed to newer environmental legislation that he said is intended to support additional private sector activity. “We recently created what is called the oil pollution prevention, preparedness and responsibility legislation in 2025. You will see that we’ve created economic opportunities for services to be provided for environmental development, environmental stewardship and clean energy development in Guyana,” he stated.
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According to Gossai, the government wants investors to see opportunities not only in offshore operations, but in industries connected to gas monetization and manufacturing.
“We are looking to develop a fertilizer plant,” he said. “We’re looking to turn our natural sand into glass and glass products. We are also looking at the development of the cement sector.”
He said Guyana is continuing to encourage partnerships between foreign investors and local companies through its local content framework as the country prepares for additional growth in the energy sector.
