Canadians partner with Guyanese to access oil and gas opportunities

The High Commission of Canada, Press Release – Friday, October 12, 2018

The High Commission of Canada and the Province of Newfoundland and Labrador are collaborating with the Government of Guyana through GOINVEST to bring a Canadian oil and gas trade mission of approximately 50 persons from the province’s offshore oil and gas industry to Guyana from October 15th – 18th, 2018. Canadian companies are hoping to leverage partnerships with appropriate Guyanese businesses, and work with them to access opportunities in the oil and gas sector.

The Minister of Natural Resources from Newfoundland and Labrador, Hon. Siobhan Coady, who will also be in Guyana next week on a different mission, will be attending the events organized for this mission. On October 15th, 2018, Minister Coady will be signing a MOU on behalf of her province with the Government of Guyana for technical cooperation on oil and gas.

Guyana presents world-class, deep-water petroleum prospects which offer business opportunities that align with Newfoundland and Labrador’s petroleum expertise and experience.  The development of potential partnerships between the two jurisdictions could serve to build strong business relationships, transfer technology, and skills development to support the growth of Guyana’s offshore oil and gas industry. Newfoundland companies have been servicing FPSOs for over 15 years. Companies from this province have also been servicing rigs and drill ships for 40 years.

The experience of Newfoundland can be a great potential resource to Guyana in developing its offshore industry through working with experienced partners (Government and private sector), suppliers and service companies. This trade mission will expose Canadian companies to the market opportunities, investment regime and qualified local companies.  The local support for the trade mission has been overwhelming. This highlights the willingness of Guyanese to partner with Canadians, which is largely due to the Canadian model of leveraging local partnerships through building partners’ capabilities to access together the opportunities in this nascent sector.

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