Guyana’s oil and gas sector is set to benefit from new investments as more international investors continue to eye the lucrative sector.

Speaking at the Guyana Oil and Gas Energy Chamber’s Annual Dinner over the weekend, the President said reputable international companies and investors are flocking the country’s oil and gas sector for opportunities, whether in offshore development, or building out the ecosystem system for onshore operations.

“There is no market, that has generated this level of confidence and interest in this sector, lets make no mistake. And we have been able define ourselves and our market in a way that is attractive yet supportive of the local private sector expansion—attractive to international investments and investors but still heavily fueled by the involvement of the local private sector,” the President stated.

In addition, the President said the oil sector continues to expand even with the current investors and investments.

He reminded that the country started the year producing about 650,000 barrels of oil per day and is ending the year producing about 930,000 barrels of oil per day.

“Outside of that and what ExxonMobil is doing, we signed this year another development, Quater Energy,  Total and Petronas, that is an investment in development of about US$300M, they have already paid their signing bonus and then we have hopefully by the end of this year another shallow block that should be signed and then we have of course the Kaieteur Block that is supposed to start exploration, so that is another US$600-700M in exploration in the coming year.

He said that there are other investments such as getting gas onshore project in Berbice as well as the Wales gas-to-energy power plants.

In Wales alone, the President estimated that a staggering US$4B will be needed to support gas development there in the next five years.

He that the Wales and Berbice operations are expected to generate some US$10B in infrastructure and investment. In the coming days, he said he will be outlining the Government’s economic expansion, infrastructure integration and development trajectory of the country for the next five years

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