Guyana is looking to have a state-owned oil company by next year.
The first Oil and Gas Conference and Exposition on Sunday evening got underway at the Marriott Hotel.
During his feature address at the event being hosted by the Guyana Oil and Gas Association (GOGA), Minister of Natural Resources, Raphael Trotman disclosed that Government is currently assessing Exxon Mobil’s and other operators’ applications for both production and exploration licences respectively.
News Room previously reported that Exxon Mobil Corp. had requested production licence to begin pumping oil from the seabed by late 2019, though company officials have said operations are likely to start in 2020. The company had also submitted its general production plan to the Guyana Geology and Mines Commission.
Additionally, he told stakeholders gathered at the event that “we are considering a proposal for one of the World’s leading offshore companies to establish a world-class base at Crab Island, Berbice (located at the mouth of the Berbice River) and are examining the possibility of utilizing some of the available natural gas from the Liza field for energy generation, as we transition to renewable” energy.
The Government, he disclosed is also moving ahead with the study to determine the viability of a refinery or refineries in Guyana, while it continues to draft legislations to pave the way for a successful oil and gas industry.
Also speaking at the event, Acting United States Ambassador to Guyana, Terry Steers-Gonzalez lauded the strides made in relation to safeguarding the oil and gas industry. However, in relation to the Sovereign Wealth Fund, he urged that it be “transparent, independent and non-partisan.”
The Sovereign Wealth Fund aims to save funds for future generations; one way includes converting non-renewable assets into a more diversified portfolio of assets and to mitigate the effects of “Dutch Disease.”
The Oil and Gas Conference and Exposition will continue for three days at the Marriot Hotel, Georgetown. Several representatives from across the world are partaking in the event including Trinidad and Tobago which has an interest in refining Guyanas oil.
” Government is seeking partnerships with individuals, groups, associations and even countries that are prepared to work in the best interest of Guyana and its people, like-minded partnerships. At the same time, we need to accept that there is a measure to which we can obtain advice and assistance at any given time,” Minister Trotman said as he outlined the importance of inclusiveness.