According to estimates by the WorldBank and International Monetary Fund( IMF), Guyana, one of Latin America’s smallest countries is set to post the world’s highest GDP growth. For several years, since the production of crude oil begun through Exxon’s Liza development, the country has outpaced global growth averages.
It is projected that at the end of 2023 Guyana’s GDP growth rate will be close to 100% compared with 2021 figures. According to IMF estimates, Guyana will grow 57.8% this year and 25.2% next year, resulting in a GDP increase of around 97.6% in two years. Meanwhile, the World Bank forecasts an increase of 47.9% for 2022 and 34.3% for 2023. This equates to a 98.6% GDP jump over the two-year period.
In comparison the IMF reports the Latin America and Caribbean average is approximately 3.5% in 2022 and 1.7 in 2023.
Bloomberg’s radio show featured an episode titled, “Guyana is the most exciting story in the world oil market”. In the episode, hosts shared the story behind Guyana’s meteoric rise in GDP growth and shared that since 2015 one in every three barrels of oil discovered has been in Guyana. You can listen to the full episode here.
In the energy industry Guyana continues to be one of the most prolific provinces in the world and the Government in Guyana has consistently reiterated that the people of Guyana must benefit from the hydrocarbon sector. The International Energy Conference and Expo will play part in highlighting these issues. The theme for the conference in 2023 is Harnessing Energy for Development.
Trinidad and Tobago Prime Minister Dr Keith Rowley to attend second edition of The International Energy Conference and Expo Guyana 2023
The International Energy Conference and Expo Guyana 2023 today announced that the Prime Minister of Trinidad and Tobago, Dr. the Honourable Keith Rowley has confirmed his attendance and will deliver remarks on the opening day of the second edition of the event. Dr. Rowley is among a number of Heads of State and Government expected to attend the event.
Chairman of the International Energy Conference and Expo Guyana 2023, Anthony Whyte said, “We are extremely pleased to see that Heads of Government across the region and globally are recognizing that Guyana is leader in this part of the world when it comes to energy talks and are taking the opportunity to be part of the conversations that will shape the approach to energy development over the next few years.”
Whyte added, “Trinidad and Tobago has been a producer of energy for decades and we believe that their experience could help our sector realise its full potential. We are excited to host Prime Minister Rowley and the other heads of state scheduled to attend the conference and expo.”
The Conference, which is expected to assemble policymakers, academics, industry professionals and entrepreneurs from around the world, will also again see the participation of global energy thought-leaders, most notably, Professor Jeffrey D. Sachs, world-renowned economics professor, bestselling author, innovative educator, and global leader in sustainable development.
The Conference and Expo will be held from February 14-17, 2023 at the Guyana Marriott Hotel, Georgetown, under the theme ‘Harnessing Energy for Development’.
The registration portal for the conference and expo can be found on the conference website, www.guyanaenergy.gy. Pre-registration is now open for sponsors, exhibitors, in-person attendees, virtual attendees, workshop participants, and members of the media, all being done online.
MODEC has signed a contract for the “Uaru” development project
MODEC has announced that it has signed a contract to perform Front End Engineering and Design (FEED) for a Floating Production, Storage, and Offloading vessel (FPSO) for the “Uaru” development project. The FEED contract award relates to the initial funding by ExxonMobil’s subsidiary, Esso Exploration and Production Guyana Limited (EEPGL), to begin FEED activities related to the FPSO design and to secure the second M350TM hull for FPSO service.
Following FEED and subject to government approvals in Guyana of the development plan, project sanction including the final investment decision by ExxonMobil and EEPGL’s release of the second phase (EPCI) of work, MODEC is expected to construct the FPSO and install it in Guyana. MODEC is also anticipated to operate the FPSO for an initial duration of 10 years, with potential options for continuation.
MODEC will design and construct the FPSO based on its M350 new-build design. Uaru will be the second M350 hull used for FPSO service. The FPSO will be designed to produce 250,000 barrels of oil per day and will have an associated gas treatment capacity of 540 million cubic feet per day and a water injection capacity of 350,000 barrels per day.
The FPSO will be installed in a water depth of about 2000 meters using a SOFEC Spread Mooring System and will be able to store around 2 million barrels of crude oil.
“We are extremely honored and proud to be selected to provide the FEED services for an FPSO for the UARU project,” commented Takeshi Kanamori, President, and CEO of MODEC. “We are equally proud of our robust track record of successful project deliveries in the South America region, and we look forward to cooperating closely with the client and its partners to make this project a success.”
International Energy Conference and Expo hails Scotiabank Guyana for coming on board this year
The International Energy Conference and Expo is hailing the exemplary contribution from Scotiabank Guyana as the lone financial institution to sponsor the Conference and Expo this year. Scotiabank Guyana came on board the event as a silver sponsor.
Kurt Baboolall, Chief Executive Officer of the IECEG 2023 said “The aforementioned is fully aligned with our secretariat’s and government’s vision, as such, we are happy that Scotiabank chose to participate at this year’s Conference and Expo. Their participation is evidence of their continuous contribution to Guyana’s economy and support of driving the energy conversation forward. The Secretariat looks forward to their long-term support and applauds their decision to be the first Bank in Guyana to take a significant position sponsor.”
The Bank has operated in Guyana for over 55 years and has four branches strategically placed throughout the country. Scotiabank continues to offer a complete range of retail and commercial banking services, including electronic cash management and merchant services. The Bank also offers business banking services to small and medium-sized enterprises.
Ambica Bissessar – Country Manager (Ag.), Scotiabank Guyana indicated “We were pleased to be a part of this year’s Conference and Expo. It was a great opportunity for us to connect with customers face-to-face, and establish new relationships with the business community. We remain committed to providing the highest level of customer service here in Guyana and are actively working on introducing some enhanced products and services, including a new and improved user experience on Scotia Online Banking.”
Scotiabank Guyana joined a range of other local companies that have signed on for the second edition of the Conference and Expo which included ExxonMobil Guyana, GTT Business Solutions, Hess Corporation, CNOOC Petroleum Guyana Limited, and Digicel Business.
The Conference and Expo was able to garner support from the Guyana Office for Investment (GO-INVEST) and the Government of Guyana. The event attracted over 30 sponsors, almost 200 exhibitors and saw over 1000 attendees to the Conference and Expo daily.
VSH United (Guyana) Inc was established on May 2015 in Georgetown, Guyana. Specialises in safety products, logistic services, real estate. They are also the sole distributors for Ansell and HexAmour.
SBM Offshore has announced that it has completed the project financing of FPSO ONE GUYANA for a total of US$1.75 billion., 
The Guyana National Bureau of Standards (GNBS), operating under the Ministry of Tourism Industry and Commerce is a semi-autonomous governmental organization responsible for standards and quality in Guyana. There role is to:
