Guyana could be second largest oil producer in region in coming decades
United States (US) Ambassador to Guyana, Sarah-Ann Lynch said Guyana is on track to becoming the second largest oil producer in the region in the coming decades.
She was at the time addressing the third annual general meeting of the American Chamber of Commerce (AmCham) Guyana at the Arthur Chung Conference Centre on Wednesday.
“To date, the ExxonMobil-led consortium has discovered, I believe we’re over 20 commercially viable wells which underscores the game-changing effectiveness of American technologies. Each discovery is further an affirmation that Guyana is on track to become the second or third largest oil producer in the region in the coming decades.”
The ambassador saidU.S firms involved in exploration, drilling and extraction processes continue to expand their operations, employing a large number of Guyanese.
ExxonMobil envisions at least six projects producing oil in the Stabroek block by 2027, and sees potential for as many as 10 projects altogether. This would see the company producing more than one million barrels of oil per day by 2027.
The envoy advised that local content and partnerships are two key elements that will set the tone for Guyana’s development. President, Dr. Mohamed Irfaan Ali has said local content legislation will be introduced in the National Assembly before the end of the year.
She said Guyana is right to legislate investment into the country’s workforce, and encourage the growth of its industries, so as to avoid the resource curse.
“The U.S Government and U.S private sector look forward to a finalised local content policy (LCP) and amended Natural Resource Fund (NRF) legislation that sets a realistic path forward.
“Taken together, the local content policy and careful investment from the Natural Resource Fund can foster opportunities for all Guyanese and benefit the country as a whole.”
US interest in Guyana continues to grow
Lynch noted that U.S companies are not waiting for a local content policy to start investing in Guyana’s people. There are also interests from U.S educational institutions, such as the Lone Star College, Texas, which has signed a memorandum of understanding with AmCham to explore partnerships in higher education in Guyana.
Ambassador Lynch also pointed to the involvement of U.S firms in the hospitality sector, which President Ali has encouraged growth to facilitate the influx of investors and tourists here.
“To support this burgeoning industry, U.S hospitality firms have dominated the Government of Guyana’s request for proposals by submitting expressions of interest for nearly 5,000 rooms from world class brands such as Hilton Garden Inn, Best Western, Courtyard Marriott, and many others.”
Also attractive to U.S investors, are opportunities in agribusiness, construction, information technology, and energy, including renewable energy, as noted by the Ambassador.
She noted that the Embassy this year hosted investment webinars with high-ranking Government officials, which were attended by hundreds of U.S firms. The ambassador said the embassy has seen, over the past year, a quadrupling in the number of commercial inquiries across all sectors.
Ambassador Lynch attended the Offshore Technology Conference held from August 16-19, and reported that the Guyanese booth was the most popular. She expressed confidence that the event will result in many additional partnerships with U.S companies.