With an expanded focus and already a premier event in the region, the third edition of the Guyana Energy Conference and Supply Chain Expo will attract participation, at the highest level, from more than 21 countries and will see 19 sectors – outside of the energy sector – involved.

Billed for the Guyana Marriott Hotel from February 19 – 22, 2024, this conference and expo will be the largest to date and to support this assertion, Chief Executive Officer Kurt Baboolall disclosed during a press conference on Monday, that over 200 exhibitors are already on board.

The conference and expo carries as part of its official name “supply chain” and Baboolall explained that not just the energy and oil and gas sectors will have a space at the highly anticipated event but it has opened up several opportunities for Guyana’s story of “Fueling Transformation and Modernisation” to be appropriately told and put on display.

He believes this theme is truly reflective of the remarkable growth of the Guyanese economy over the last three years and said all large and small businesses, entrepreneurs and families are welcome to attend and participate.

“There is no singular meaning to the theme but from a macro lens, it shows how income from energy resources is supporting other developments and other sectors and transforming and modernising it.

“You look and you see the new highways, the new modern hospitals, schools… and the theme connects to other industries… and how other sectors co-relate,” Baboolall noted.

The story of growth also expands to sustainability and diversification and to add value to this, the conference will be addressed by several dignitaries and heads of government, headlined by President Dr. Irfaan Ali and Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani, the Prime Minister of Qatar.

Other world leaders to attend include the Prime Minister of Trinidad and Tobago, Dr Keith Rowley; the Prime Minister of The Bahamas, Philip Davis; the Prime Minister of Barbados Mia Mottley, the President of Suriname Chandrikapersad Santokhi along with serving ministers and former presidents.

“We will discuss 19 topics over the four days… some interesting ones: Trends Challenges and Best Practices; Building Resilient Supply Chain in the Face of Disruptions; Growth and Collaboration Strategies for Emerging Economies and Investing in Guyana,” Baboolall explained.

There is strong government support for the conference in a coordinated push to make the conference the leading energy event in the hemisphere and to demonstrate this, Baboolall was joined at the press conference by the Minister of Natural Resources Vickram Bharrat and the country’s Chief Investment Officer and Agency Head for the Guyana Office for Investment, Dr. Peter Ramsaroop.

Also present was the Chairman of the Private Sector Commission, Komal Singh.

“We will continue to work together, government and the committee to make this expo the premier expo in this hemisphere.

“I think already we are on our way to achieve that and we are now competing with some big ones in Texas but I think we can rival them,” Bharrat boasted.

He said Guyana is one of two hotspots for oil and gas investment in the world right now, the other being Namibia in Africa but noted that the development of Guyana’s industry is advanced.

By the start of the conference, Guyana’s oil production will be at 600, 000 barrels per day up from about 380, 000 barrels when the last conference was hosted.

“A lot has happened from the last conference to this one… this conference is also important for bringing more opportunities to Guyana,” the Natural Resources Minister added.

His sentiments were backed up by the other members of the head table.

“These folks are here looking to make money… but the private sector needs to understand that they need to step up their game also… demonstrate our capacity and capability,” Dr Ramsaroop added.

Meanwhile, the PSC Chairman said, “Let’s capitalize on this opportunity to meet the right people and partner with the right people… they [international investors] can capitalize on the growth demand in the manufacturing sector but also a robust logistics hub is important.”

The Guyana Energy Conference and Supply Chain Expo is poised to be a landmark event, facilitating discussions that will shape the trajectory of the energy sector in Guyana and beyond.

 

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Honourable Andrew Parsons, Minister of Industry, Energy, and Technology of Newfoundland, Confirmed as Speaker at Guyana Energy Conference and Supply Chain Expo 2024

Jan 04, 2024

The Guyana Energy Conference and Supply Chain Expo returns for its third installment in February 2024 with an impressive lineup of industry experts, policymakers and foreign officials who will offer insights as keynote speakers and through their participation in several panel discussions.  

The Guyana Energy Conference and Supply Chain Expo is thrilled to announce the participation of the Honourable Andrew Parsons, Minister of Industry, Energy, and Technology of Newfoundland, as a distinguished speaker at the upcoming event. Minister Parsons will share insights and expertise on sustainability and diversification, offering a valuable perspective on the global energy landscape.  

Scheduled for February 19, 2024, at the Marriott Hotel in Georgetown, Guyana, the conference is a premier gathering of industry leaders, policymakers, and stakeholders committed to shaping the future of energy and supply chain sectors. 

He will be joined by President of Guyana, Dr Irfaan Ali; Prime Minister of Trinidad and Tobago, Dr Keith Rowley and Prime Minister of The Bahamas, Philip Davis along with several others to be announced at a later date.  

Minister Parsons brings a wealth of experience and leadership in the energy and technology sectors, making him a prominent voice in discussions related to sustainability and diversification. His participation highlights the international significance of the Guyana Energy Conference and Supply Chain Expo as a platform for fostering collaboration and sharing best practices.  

The session featuring Minister Parsons will delve into the critical aspects of sustainable energy practices and the importance of diversifying energy sources for long-term resilience. Attendees can expect to gain valuable insights into the strategies and initiatives that Newfoundland has undertaken to achieve sustainability goals.  

The inclusion of Minister Parsons as a speaker enhances the conference’s reputation as a hub for thought leadership and meaningful dialogue, providing attendees with unique perspectives and actionable strategies for navigating the evolving energy sector. 

The Secretariat also aims to broaden its platform to include focus on a number of industries for potential investment, such as health, information and communication technology, tourism, manufacturing, agriculture and mining. 

The Guyana Energy Conference and Supply Chain Expo fosters the growth and creation of strategic alliances among companies and industry experts. Participants will network with key stakeholders, including operators, international service companies, government agencies and officials. 

About Andrew Parsons: 

Andrew Parsons has represented the district of Burgeo – La Poile since 2011. A lifelong resident of Channel-Port aux Basques, he trained as a lawyer and was called to the Newfoundland and Labrador bar in 2005. Mr. Parsons practiced law in the region before entering provincial politics. He previously served as the Opposition House Leader and the opposition critic for Justice, Health and Community Services, and other key portfolios. 

On August 19, 2020, he was sworn in as Minister of Industry, Energy and Technology and Attorney General. 

He earned a Bachelor of Arts from the University of New Brunswick before receiving a Bachelor of Laws from the University of Saskatchewan College of Law. While at University, Parsons was involved in various extracurricular activities and student associations. 

BP International Limited selected to market Guyana’s share of crude

Nov 25, 2022

The Government of Guyana through the Ministry of  Natural  Resources has announced that BP International Limited has been selected to market Guyana’s share of petroleum from the Liza Destiny and Liza Unity floating production storage and offloading (FPSO) vessels.

The award for the contract comes after the completion of a competitive procurement process launched by the Ministry of Natural Resources. The Ministry opened a Request For Bids from September 16, 2022 to October 11, 2022 after the previous marketing contract with Aramco Trading Limited ended.

According to DPI, fourteen (14) bids were received by the National Procurement and Tender Administration Board (NPTAB).

The procurement board appointed an Evaluation Committee to review the bids.  After the evaluation, BP International was recommended by the committee. The recommendation was was cleared by NPTAB and received Cabinet’s ‘no objection’.

The duration of this contract will be for twelve (12) months.

The marketer will provide the following services:

  • Provide support and guidance to the Government of Guyana in all operating and back-office responsibilities of managing the crude sales and each individual lift whilst facilitating timely and cost-effective crude operations;
  • Support the government in the continued introduction of the grade to multiply geographies and refinery systems, and provide benchmark and performance comparisons of prices paid for Guyana’s crude;
  • Work closely with the government to understand the behaviour and yields of the Liza blend and how these can affect pricing differentials.

The Guyana Government has indicated that it will continue to employ transparent and international best practices in the management of the nation’s petroleum resources so as to attain maximum returns and advance the livelihoods of all citizens.

Photo credit: www. bp.com

 

Guyana GDP growth rate to be highest in the world

Nov 14, 2022

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.

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