Petroleum sector can open investment prospects in non-oil sectors -Minister Indar

Minister within the Ministry of Public Works, Hon. Deodat Indar says Guyana’s oil and gas sector provides investment opportunities for the non-oil sectors. Minister Indar made this statement on Tuesday at the Guyana Oil and Gas Virtual Summit.

The summit, which is organised by CWC, Global Future Energy (GFEn), the Georgetown Chamber of Commerce and Industry (GCCI) and other partners, aims to foster networking with Guyana’s key stakeholders in the energy sector.

Since the 2015 discovery of Guyana’s vast petroleum basins, the country has attracted global attention. This also provides an opportunity for investors to capitalise on opportunities in the non-oil sectors, the Minister said.

“I believe that these are not just discussions, the ideas generated here can be shared among companies. Those who are already in Guyana and those who are yet to come, can understand the opportunities even if they are not directly oil and gas related,” he said.

Minister Indar said during the course of the two-day summit, he hopes stakeholders discuss some of those areas.

He explained that “the extractive industry alone may not be able to sustain a country over a long term. The other sectors that are more labour intensive like agriculture and tourism and hospitality, those are sectors that are more sustainable and it is our plan in Government that those sectors receive similar amount of interest just as the oil and gas sector.”

The summit is scheduled to run from December 1 to 2, 2020. It provides a platform for Government officials, experts and the private sector to discuss investment opportunities and best practices in the oil and gas sector.

To date, Guyana has made a total of 19 oil discoveries offshore.

CWC/Global Future Energy Limited (GFEn) is a world-leading events producer and training provider for energy and infrastructure.