UG, Halliburton sign $459Million MOU
DPI, Guyana, Thursday, November 21, 2019
The Faculty of Engineering and Technology of the University of Guyana (UG) is set to see some major developments with a $459M investment by American multinational corporation – Halliburton.
The Memorandum of Understanding (MOU) providing laboratory equipment, staff development and software to the department was signed this afternoon at the Marriot hotel, on the sidelines of the second GIPEX forum.
Director of the Department of Energy Dr. Mark Bynoe, Halliburton’s Caribbean Area Manager Franco Delano and UG’s Deputy Vice-Chancellor of Philanthropy Alumni and Civic Engagement (PACE) Dr Paloma Mohammed signed the pact.
Dr Bynoe said the move is a tangible demonstration of how companies can assist Guyana in building its capacity to address the emerging oil and gas sector.
“We are grateful for this investment in our human capital, and we do believe, as we continue to grapple with conversations on local content, enhancing capacities and ensuring that Guyana obtains a substantial portion of the oil revenue. It is not just about monies earned. We are encouraged by this and ask other companies to follow.”
Halliburton’s Caribbean Area Manager, Franco Delano said the company intends to transfer technological knowledge with Guyana. He said Halliburton is committed to developing locals here.
UG’s Vice-Chancellor Professor Edward Greene said he was thankful for the Department of Energy’s GIPEX conference. He said the issues raised at the forum has provided him with an understanding of the role the university must play, as it moves forward to achieving new goals for sustainable development for Guyana.
Halliburton is of the world’s largest oil field service companies that has operations in more than 70 countries. It owns hundreds of subsidiaries, affiliates, branches, brands, and divisions worldwide and employs approximately 55,000 people.