Guyana’s President, Dr. Mohamed Irfaan Ali, on Tuesday urged global investors to look beyond oil and gas when considering opportunities in his country. At the CERAWeek energy conference hosted this week by S&P Global in Houston, Ali highlighted investment opportunities in Guyana’s economy.
“Our story in Guyana is much larger than oil and gas,” Ali told delegates, Upstream Online reported. “Oil and gas is a catalyst for many other opportunities for development in the country. I want you to put Guyana on your radar.”
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Ali highlighted upcoming oil block auctions and potential government-to-government collaborations. However, he also pointed to other sectors ripe for investment. “Because of our vast natural resources, there are many other opportunities. And tourism [is a] tremendous opportunity. If you’re looking to diversify your own business portfolio, Guyana is the place that you must be.”
With more than 30 discoveries made offshore Guyana, ExxonMobil has a line of sight for the addition of eight floating production, storage, and offloading (FPSO) vessels by 2027, a goal that is expected to see oil production reach 1.7 million barrels per day (b/d). All projects will be located in the Stabroek Block, in which ExxonMobil holds a 45% operating stake. Hess (30%) and CNOOC (25%) are its co-venturers.
“The positive news is that every news so far has been positive. And we are hoping that this trend will continue and our reserves will continue to grow,” he said.
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Ali also noted that Guyana had to quickly develop its regulatory frameworks and boost private sector participation to keep pace with the industry. “What we found is that the private sector embraced this with the policy backing, with the backing of legislation, and then that also incentivized the foreign companies to include the private sector in their growth story.”
Guyana is also exploring shipping its crude to the US for refining. And according to the President, discussions are ongoing, with hopes that refined products could be sold back to Guyana at discounted prices.
