Ten years ago this month, Guyanese company Muneshwers Limited acquired a 30-acre property on the outskirts of Georgetown, the country’s capital city, with a plan to pursue development of a container terminal for its shipping business.
But following ExxonMobil’s worldclass Liza discovery in 2015, plans changed.
“Muneshwers underwent a strategic shift in its vision. The company collaborated with key stakeholders and embraced a bold move into the emerging oil and gas industry. This led to the establishment of Guyana Shore Base Inc. (GYSBI) in 2017, dedicated to providing shore base services to the oil giant,” GYSBI said in a Facebook post on Tuesday.
The company pointed out that its massive investment exceeds US$300M. Its workforce has grown from 5 individuals to over 800 staff within just five years.
GYSBI set to hire more locals to support Gas-to-Energy project
The shore base operations, GYSBI said, “serves as a vital link from onshore to offshore operations, delivering top-notch services such as support for drilling and production operations, waste management, and storage to the oil company.”
The company has planned a massive expansion, pegged somewhere around nine figures. It secured a US$10 million bridge loan from NCB Merchant Bank out of Trinidad and Tobago to finance this.
Earlier this year, GYSBI commissioned its heavy lift berths and “Commander in Chief” Crane.
The company has secured an 11-year contract extension with Exxon which runs up to 2033.
