Premier Insurance, the sole insurance company to sponsor the second edition of the International Energy Conference and Expo Guyana 2023, returned as a Silver Sponsor as it leads the charge for energy insurance.

PREMIER Insurance Company Inc. (PREMIER) commenced operations on January 4, 2021, and has quickly established itself as one of the leading insurers in Guyana. Premier is gyA+ rated by CariCRIS and backed by the financial strength and experience of its CariA rated parent company, as well as A rated reinsurers.
For the second year, the company is leading the charge when it comes to supporting the energy sector in Guyana, as it provides unique insurance products to the oil and gas industry and a suite of customisable general insurance products, including fire, auto, commercial, liability, and bonds, with the company launching its PREMIER Signature Auto policy at the expo in February.

PREMIER’s local Managing Director, Anil Singh, said, “Our decision to come on-board this year reflects our commitment to continue helping in the development of Guyana. We took a step further by onboarding as a Silver Sponsor, which is a huge upgrade from our last year’s participation. Insurance plays an integral part in every contract execution within the oil industry, and we are happy to be here to lend our reach of international reinsurance support.”

Kurt Baboolall, Chief Executive Officer of the International Energy Conference and Expo Guyana 2023 said, “We welcome PREMIER Insurance to the conference and expo; they were the first business of its kind to become a sponsor last year. We are happy to have them back for a second year and hope that they will continue to support us in the years to come.”

The Conference and Expo completed its second edition under the theme ‘Harnessing Energy for Development’ from February 14–17, 2023, with over 1000 delegates attending the Conference and over 200 exhibitors to showcasing their companies at the Expo.

As the 2023 International Energy Conference and Expo came to a close, the government hailed the occasion as a huge success, with the Finance Minister, Dr Ashni Singh noting that it provided a platform for local, regional, and foreign businesses and investors to network and even form partnerships in the Energy Field. He indicated that not only did the event bring together Heads of Government, policymakers, academics, and industry professionals but also businesses, entrepreneurs and investors, who were presented with the ideal opportunity to network and explore opportunities for development within the Energy Sector.

“The expo presented a fantastic opportunity to showcase the rapidly changing face of the Private Sector of Guyana because you had not only the traditional big names and the traditional big players who you would expect to be there but you saw a number of companies, some of which are completely new, some are local, some regional, some are international being able to convey here again to this audience and a much wider audience, what they are already doing in Guyana and with Guyana,” Dr Singh said.

“A lot of people clearly took advantage of the opportunity to introduce themselves to potential partners, potential clients and customers, and I would want also to characterize that as an extremely positive thing.

I know that many people met new counterparts for the first time, they were able to introduce themselves, talk about what they’re doing, explore possible opportunities for partnerships, and I think the conference, and in particular, the activities on the margins of the conference, whether it was the coffee breaks, or the receptions that were held in the evenings, or the privately arranged bilateral contacts that the people engaged in, I think that was also hugely successful stream of engagement,” he said.

The Minister of Natural Resources, Vickram Bharrat also applauded the organizers behind the International Energy Conference and Expo, as he too dubbed it one of the biggest Energy Conferences in Latin America and the Caribbean.

Minister Bharrat said he was pleased to see local companies rising to the bar, and competing with and regional and international companies in the Energy Sector, and he was happy with the focus on clean and affordable energy.

“We have no issue with that, as a country we are fully committed to achieving that, we’re working towards achieving that. But the big question is, how are we going to truly finance that? Renewables, costs money; moving to net zero, costs money; cutting emission, costs money. So, how are we going to truly achieve that? If we’re going to sit by and wait on help to come our way, we might be waiting for a long time. So, it speaks towards Guyana as a country sustainably and responsibly exploring and developing its natural resources, at the same time, we are maintaining our environmental credentials,” the Natural Resources Minister said.

Referencing to the need for a balance and efficient energy mix, Minister Bharrat also stated that developing countries such as Guyana should be at the forefront of the supply chain.

“We strongly believe that fossil will not disappear completely. They will still remain even if it’s a small demand for fossil, it will still be there, the need for it will still be there. But the big question, is who will be able to supply it?… We are saying that small developing countries like Guyana, like Suriname, like Trinidad, like the African countries…who have made new discoveries, that we should be able or we should be allowed to supply that small demand that remain,” Minister Bharrat said.

Overall the Conference and Expo saw close to 1,000 delegates in attendance and more than 200 exhibitors on show.

Subsea 7 and Van Oord have announced the award of a substantial contract by ExxonMobil affiliate Esso Exploration and Production Guyana Limited (EEPGL) for the Gas to Energy project offshore Guyana, in water depths of up to 1,450 metres. Although a contract value has not been announced, Subsea 7 has indicated that the contract is between USD150m and USD300m

The scope covers the project management, engineering, and installation of approximately 190 kilometres of pipeline, with an associated shallow water portion and onshore approach making landfall to the west of the Demerara River, along the coast of Guyana.

Craig Broussard, Vice President for Subsea 7 US, said: “We are honoured to have been selected for Guyana Gas to Energy. This is an important project to support the Guyanese people and we look forward to continuing our relationship with EEPGL in one of the most prolific and exciting development basins in the world.”

Hans van Gaalen, Commercial Director for Van Oord, adds: “Van Oord is honoured to have been selected for the Guyana Gas to Energy project in cooperation with Subsea 7. Developing the coastal infrastructure for the project will allow our Subsea 7 and Van Oord consortium to positively contribute to the development of Guyana’s electricity supply which in turn will reduce Guyana’s dependence on imported fuels.”