Natural Resources Minister, Vickram Bharrat believes the Guyana Energy Conference and Supply Chain Expo, billed for the Marriott Hotel from February 19-22 under the theme “Fuelling transformation and modernization”, is well on its way to becoming the premier event of this hemisphere.

During a press conference on Monday at the Marriott Hotel, Minister Bharrat was part of a panel that shared insights into the importance of the event and how preparations are coming along. Minister Bharrat said government is pleased to lend its support to the event, noting that it provides opportunities for strategic partnerships. He said this aligns perfectly with the administration’s push for Guyanese to be in the driver’s seat of the nation’s developmental renaissance.

“…Since taking office in August 2020, we have emphasized the need to create more opportunities for Guyanese and their businesses. As a new oil-producing country, we took a significant step towards enacting the Local Content legislation. This move is substantial, considering that many countries, some with decades or even centuries of production experience, are still at the policy stage without concrete legislation,” the minister said.

With the establishment of Guyana’s Local Content Secretariat, Bharrat said the country has been able to ensure compliance with the new law while trapping millions of dollars in country. This news agency recently reported that since January 2022 to present, contractors, sub-contractors and licensees reporting to the Local Content Secretariat have recorded 3,938 local hires, of which 785 were made within the first six months of 2023. Of the total, 824 Guyanese were employed as plant and machine operators, 1,203 as professionals (accountants, lawyers, engineers, etc.), and another 485 as technicians.

Also in keeping with the Act, annual plans received from contractors, subcontractors and licensees, amount to an estimated US$721 million in procurement of goods and services and training. This is US$21M above the 2022 performance, which covered 40 categories of services. Current estimates suggest that US$518 million will be procured from Guyanese suppliers providing goods and services in 2023.

Minister Bharrat said, “While the implementation of the Local Content Law has allowed us to foster numerous joint ventures and partnerships and trap significant value in country…the Energy Conference and Supply Chain Expo will build on this.”

Guyana’s Chief Investment Officer at the Guyana Office for Investment (Go-Invest), Dr. Peter Ramsaroop also noted the importance of the conference in showcasing the numerous opportunities that are available for partnership in the oil and non-oil sectors. “From the theme of the conference alone and given its expanded focus of a supply chain expo, it is clear that we are a regional powerhouse with much to offer,” the Chief Investment Officer said. In this regard, he believes that Guyana is already demonstrating to the rest of the world that it is intent on being a model state by using its oil resources to fuel growth in agriculture and manufacturing with the onset of the gas-to-energy project.

Head of the Private Sector Commission, Komal Singh was also part of the six member panel. He noted that the PSC is excited to be a partner with the conference. As Guyana’s oil sector developments continue on an accelerated pathway, Singh underscored the need for the build out of a robust logistics hub. “We need to springboard to that because it will be key to supporting the gas-to-energy project when it comes on stream,” he said.

As for Chief Executive Officer of the Guyana Energy Conference and Supply Chain Expo, Kurt Baboolall, he said there are 30 sponsors onboard inclusive of ExxonMobil, Hess, CNOOC, GTT Logistics, Blue Waters, and Digicel. He said too that there are 200 exhibitors, with eight spots remaining. Baboolall also noted that there is guaranteed participation from over 21 countries along with representation from 19 sectors.

Guyana Standard understands that the agenda of the conference boasts over 66 distinguished speakers, including numerous world leaders who have confirmed their participation. These notable figures include Qatar’s Prime Minister Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani; Suriname’s President, Chandrikapersad Santokhi; Trinidad and Tobago’s Prime Minister, Keith Rowley; and The Bahamas’ Prime Minister, Phillip Davis.

Representing Guyana will be President, Dr. Irfaan Ali; Vice-President, Dr. Bharrat Jagdeo; Natural Resources Minister, Vickram Bharrat; Senior Finance Minister, Dr. Ashni Singh; and Prime Minister Brigadier (Ret’d) Mark Phillips.

Pulitzer prize-winning author and renowned energy and economic expert, Daniel Yergin, will also be attending.

The conference also promises a series of thought-provoking panel discussions alongside enlightening presentations from oil companies and a special segment dedicated to youth engagement.

 

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ExxonMobil Guyana Named Title Sponsor for the Third Consecutive Year at the Guyana Energy Conference and Supply Chain Expo 2024

Jan 04, 2024

ExxonMobil Guyana has once again offered its full support for the Guyana Energy Conference and Supply Chain Expo billed for the Marriott Hotel from February 19 – 22, 2024.  

The Guyana Energy Conference and Supply Chain Expo is delighted to announce ExxonMobil Guyana as the title sponsor for the third consecutive year. As a global leader in the energy sector, ExxonMobil’s support underscores its commitment to advancing dialogue and collaboration in the dynamic landscape of the energy and supply chain industries. 

The Secretariat for the Guyana Energy Conference and Supply Chain Expo is pleased that ExxonMobil Guyana has chosen to be associated with this high-profile event in this capacity.  

Commenting on the sponsorship, President of ExxonMobil Guyana, Alistair Routledge said, “our continued support for this event is an undeniable signal of our commitment to contribute to the robust growth of the local energy sector and sustainable development of Guyana.”  

Kurt Baboolall, Chief Executive Officer of the Conference believes that the company’s participation at this level is testament to the success of the two previous conferences.  

He said, “We are honored to have ExxonMobil Guyana as the title sponsor for the third consecutive year. Their unwavering commitment to our conference underscores the significance of our shared goals in promoting advancements and collaboration within the energy sector.” 

The Conference, to be held under the theme, ‘Fueling Transformation and Modernisation’ is expected to assemble an impressive line-up of industry experts, policymakers and foreign officials to the benefit of local and international entrepreneurs.  

ExxonMobil Guyana will play a pivotal role in shaping discussions, sharing insights, and contributing to the overall success of the Guyana Energy Conference and Supply Chain Expo. The collaboration will provide a platform for the company to showcase its commitment to innovation, people and sustainability.  

The Guyana Energy Conference and Supply Chain Expo is an annual event that brings together industry leaders, policymakers, and stakeholders to discuss the latest developments, challenges, and opportunities in the energy and supply chain sectors. The conference aims to foster collaboration, innovation, and sustainable practices for the future of the industry. 

Opportunities are available for other companies to offer their support as sponsors in the Platinum, Diamond, Gold and Silver categories.  

While it varies, sponsorship opportunities allow for a wide range of branding and exposure for building network and expanding operations.  

Persons and companies interested in booking any of the sponsorship packages are advised to visit the website www.guyanaenergy.gy  to download and complete the sponsor registration form.  

General delegate registration for the Conference and Expo is also open for in person and virtual participation and persons can do so by also visiting the website before February 10, 2024.  

Exhibitions are hosted simultaneously with the main conference and exhibition packages are available separately for those interested.  

Book your booth or your seat to the conference and benefit from other promotional opportunities TODAY! 

Guyana Energy Conference and Supply Chain Expo: Local Private Sector called on to step up game, seek partnerships

Jan 30, 2024

The upcoming Guyana Energy Conference and Supply Chain Expo will place spotlight on the grand scale of opportunities available for investment in the country’s blossoming economy, to which the local Private Sector has been urged to step up their game and seek partnerships. The third edition of the exposition is slated for February 19-22, 2024 under the theme: Fuelling Transformation and Modernization.
During a media briefing on Monday, Natural Resources Minister Vickram Bharrat recognised that Guyana is one of two hotspots for investment globally, but it has an advantage over Namibia in Africa, which is now moving towards production.
By February, Guyana will be producing a massive 600,000 barrels of oil per day, and with increased production comes increased opportunities, and with this ramped-up generation comes a new wave of economic openings.
“At the last energy conference, we were 380,000 to 390,000 barrels per day. A lot has happened from the last conference to this one, and increase in production definitely spells opportunities; opportunities throughout the value chain, opportunities for Private Sector and the provision of goods and services.”
Consequently, the Ministers stressed that it is important for the local Private Sector to use this platform as one to engage, network, and build partnerships. Local businesses were also versed that after the Local Content Act was finalised, several joint ventures have been created, and new investors are seeking partnerships, since schedule One of the frameworks can be amended at any time.

“Even though our Schedule One in the Local Content Legislation is limited to 40 carved out services, today it might be very different. What we have noticed is that almost every single investor coming to invest is now looking for a local partner, regardless if the service is in Schedule One or not.
They’re still looking for a local partner, because that schedule can be amended at any point in time…At any point in time, we can add services to that schedule, we can increase targets to the existing schedule. So, investors coming to Guyana fully aware of that, and because of that Act, fact we have seen massive development in our local Private Sector,” the Minister explained.
Further reiterating that Guyana’s buildout is not only focused on oil and gas, Bharrat relayed Government’s intention to attract investments in all sectors, and in so doing, there will be room for everyone to participate. The oil and gas industry is being seen as a medium to energize other sectors, where resources can be funnelled to create a robust and sustainable economy.
“We don’t want to be seen as an oil-based economy, even though some people may look at us as a new kid on the block in terms of production. We want to showcase, and we want to bring in investment in all sectors. We are not going to make the same mistake like many countries by revenue as soon as we start flowing.”
Additionally, Chief Executive Officer of the Guyana Office for Investment (GO-Invest), Dr Peter Ramsaroop, sounded the call for local businesses to take advantage of the budding opportunities, but in doing so, they must step up their game.
Some 200 exhibitors are expected for this year, spanning 21 countries.
He expounded, “When you think of Guyana as a powerhouse, and you look at the type of visitors that will be in our country, I would advise our local Private Sector to really take the advantage. These folks are here looking to make money, and we don’t have a problem with that, but our Private Sector needs to understand that they have to step up their game. Look for the right partnership, participate, and demonstrate our capacity and capability.”
Attention is already set on the larger investment from 2025 to 2030, and how the economy can be diversified, Ramsaroop added.
The GO-Invest Head pointed out, “If you think of these folks coming in the country looking at oil and gas, realizing we’ve got the best silica sand in the world, we can be building the solar panels. Bauxite can go to aluminium, or we can have a gold refinery. These sounded far-fetched five years ago, but now they’re becoming a reality.”
Meanwhile, Private Sector Commission (PSC) Chairman Komal Singh has already asserted their readiness to participate fully, noting that just over the last two years, billions have been invested by private stakeholders.
Singh reported, “The Private Sector is very excited to be part of it, and we want to emphasize the importance of when you here to work with our Private Sector, to work with businesses locally. We want to create that platform where we can collaborate and create partnerships with companies that have the right technical expertise, the capital to support these investments.”
Thus far, some 19 different sectors are participating, with a focus on growth, sustainability and diversification. To ensure a balance in these industries would mean that traditional sectors need to keep up with the pace of development.
The conference will touch on shaping the future of energy; trends and best practices; the oil and gas value chain; emerging technologies to shape the energy landscape; building resilient supply chains in the face of disasters; and collaboration strategies for emerging economies, among other things.
Chief Executive Officer Kurt Baboolall outlined, “The theme connects the other industries, because without infrastructure, how can persons move their products along the roadway? We look at agriculture, farm-to-market roads, so the energy sector does not operate within a silo, and there is a correlation for other sectors here. If they cannot corelate in terms of progess or increase, then you will see the energy sector stifling.
Several high-level officials are slated to attend, namely: Prime Minister of Qatar, Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani; former Colombian President Ivan Duque; Dominican Republic President Luis Abinader; Surinamese President Chandrikapersad Santokhi; Bahamian Prime Minister Philip Edward Davis; Trinidad and Tobago Prime Minister Dr Keith Rowley; and Caricom Secretary-General Dr Carla Barnett.

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Oil auction: Company run by Guyanese women among six firms getting oil blocks

Oct 26, 2023

After completing the evaluation of the bids submitted for eight of 14 oil blocks, the government has finally awarded eight of the blocks to six different companies.

This was announced by Vice President Dr. Bharrat Jagdeo on Thursday during a party press conference at the People’s Progressive Party Civic (PPP/C) Headquarters at Freedom House.

The list of the companies and blocks are:

  • S3 has been awarded to Sispro Inc., a company headed by four Guyanese businesswomen
  • S4 to a consortium comprising Total Energies EP Guyana BV; Qatar Energy International E&P LLC; Petronas E&P Overseas Ventures SDN BHD (Malaysia)
  • S5 to International Group Investment Inc, a Nigerian group
  • S7 to Liberty Petroleum Corporation of the US and Ghana-based Cybele Energy Limited
  • S8 to a the ExxonMobil, Hess and CNOOC consortium currently operating in the Stabroek Block offshore
  • S10 was also awarded to the International Group Investment Inc.
  • D1 went to Delcorp Inc Guyana and Watad Energy and Arabian Drillers of Saudi Arabia, two Saudi Arabian companies that are incorporated
  • And D2 also went to Sispro Inc.

‘S’ refers to blocks in shallow water while ‘D’ refers to blocks in deep water; there were 11 shallow water and three deep water blocks up for grabs.

The 14 oil blocks that are up for grabs in shallow and deep water areas offshore Guyana (Map from the Ministry of Natural Resources)

Meanwhile, Jagdeo noted that the government will now enter into negotiations with the companies in keeping with the Petroleum Activities law.

“We’ve been told that everyone has confirmed that they have the resources to pay the signing bonus. US$10 million for each shallow block and US$20 million for each in the deep water.

“For any of this to move forward, at a minimum these companies have to meet this requirement,” Jagdeo said.

He also addressed concerns raised.

“We may have a situation where we may not be able to finalise with everyone,” he cautioned, reflecting on concerns already raised by ExxonMobil about fiscal terms.

Jagdeo said the government will not change those fiscal terms and as such, he said, “If the demands are extreme, then we will simply not proceed with that.”

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