Local companies urged to become ambitious in oil and gas sector

A virtual edition of the Guyana Oil and Gas Summit opened thins morning with President Irfaan Ali assuring participants of his government’s commitment to ensuring local businesses are optimally involved in the oil and gas sector.

This month marks one year since Guyana started oil production. While some major projects and investments associated with the sector have been delayed because of the coronavirus pandemic, production has been continuing steadily.

President Ali told the summit that an explosion of opportunities in Guyana is already taking place because of the oil sector and he said he is convinced that more opportunities will be presented.

“We are developing a Local Content Policy and Law which will promote local participation in the sector. The policy is being developed through a consultative process, including through the examination of best practices around the world”, Mr. Ali said.

According to the President, while the government welcomes foreign investment, it is also important for local investment in the sector to be supported, adding that “Guyana, therefore, welcomes foreign investment to help us acquire the capital, the skills and the technology to convert economic transformation into economic opportunities.”

Local companies are being called upon to become bold and ambitious to assert themselves in the sector.

The Oil and Gas Summit is being seen as an opening for additional investment in an oil focused economy.

“I assure all that my Government is supportive of investment – foreign and local. We are working to ensure a more enabling environment to boost business in Guyana”, President Ali said.

The two-day Summit has organized by CWC, Global Future Energy Limited, and the Georgetown Chamber of Commerce and Industry (GCCI). It has brought together local and international stakeholders in the oil and gas sector.