Guyana’s President, Dr. Mohamed Irfaan Ali on Thursday pledged to build domestic capacity for marketing the South American nation’s rapidly growing oil output. He said the government will work with local businesses and foreign partners to develop the expertise needed to trade its crude.
Since production began in late 2019, Guyana has issued contracts to foreign traders to market its share of oil. Most recently, UK-based firms BB Energy and JE Energy, were awarded such contracts. But Ali told an audience at a Georgetown Chamber of Commerce and Industry (GCCI) event on Thursday that his administration wants to accelerate efforts to bring those skills home.
“We must be able to trade our crude oil from Guyana with the infrastructure, with the human capital, and with the market skills,” Ali said. He added that partnerships with international firms could help transfer knowledge over the next three to five years until the country is able to manage marketing on its own.
Vice President, Dr. Bharrat Jagdeo, during a press conference Thursday afternoon offered further clarity on the venture. “The private sector itself may be able to develop some capacity here. So, maybe they can sell services to the government,” he said.
“These are the bold ideas that will take us from where we are to where we want to be,” President Ali said in his GCCI address.
Guyana, the world’s fastest-growing offshore oil producer, produces more than 600,000 barrels of oil per day (b/d) from the offshore ExxonMobil-led Stabroek Block. ExxonMobil expects output to reach 1.7 million b/d by 2030.
