Guyana is open for good business

— ‘no investments must be regretted’ – Dr. Mark Bynoe

DPI, Guyana, Wednesday, November 20, 2019

The Government of Guyana continues to take a people-centred approach as it seeks to develop the country’s emerging oil and gas sector.

According to Director of the Department of Energy, Dr. Mark Bynoe, this remains the government’s modus operandi for realising its development ambitions.

“Our people remain our most treasured resource,” Dr. Bynoe stated.

Addressing the opening of the 2nd Annual Guyana International Petroleum Business Summit and Exhibition (GIPEX) 2019, on Wednesday, the Energy Director noted that self-determination is being driven by a clearly defined Green State Agenda; a soon to be completed revised legislative framework for the sector.

That framework, he said, will be a contextually relevant and appropriate local content policy which will include; a new product sharing contract template; completion of 2D & 3D seismic surveys for better decision making with regards to remaining blocks and unallocated areas offshore.

In addition to the completion of a Natural Resource Fund framework, completing the National Oil Spill Contingency Plan, and building the capacity at all levels along the value chain, particularly amongst the nation’s young people and those in the technical, vocational education and training institutions.

“It is within this context, therefore, that the department remains committed to promoting businesses that are aligned with our national development strategy and aspirations, are strategic in nature, and respect our laws. Our goal is for no regrets investments,” Dr. Bynoe said.

As it relates to technology development, he said this remains key even as Guyana continued to look for best practices in its emerging oil and gas industry.

“Advanced technologies are key to resolving the paradox of providing more energy while curbing emissions. For example, digital technology is now helping us use energy more efficiently in oil and gas, with super-fast processing, data lakes, real-time feeds and predictive software to maximise production and minimise downtime,” Dr. Bynoe explained.

He noted that technology was also driving down cost and accelerating the use of renewable energy.

“The department will continue to work assiduously and conscientiously to provide certainty and predictability in our operations, enhance efficiencies and encourage fairness. We are constantly working to level the proverbial playing field,” the director assured.

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