UK Entrepreneurs, Peter Hambro Limited and Dr. Lei Wang have launched a Guyana Onshore Fund to push investment in the local oil and gas sector.
According to Chief Executive Officer (CEO) of the Guyana Office for Investment (GO-Invest), Owen Verwey “it’s a partnership between two parties to establish and basically launch a US$100M fund for onshore related activities.”
The US$100M fund will be available to both local and foreign companies that want to invest in Guyana.
“Whoever brings the best project for the Guyana market, the funding is available for it,” Verwey told the media during a press conference at Duke Lodge, Duke Street, Kingston, Georgetown on Tuesday.
The discussion to have the fund established was made during a networking reception held by the Energy Industries Council (EIC) which is the body representing companies in the UK with interest in energy.
The reception was held during a visit to the SPE (Society of Petroleum Engineers) Offshore Europe Conference and Exhibition from September 3-6 in Aberdeen, Scotland.
The conference was attended by Go-Invest, the Georgetown Chamber of Commerce and Industry (GCCI), Vincent Adams of the Environmental Protection Agency (EPA) and several local private sector companies.
The GCCI also signed a Memorandum of Understanding (MoU) with the Aberdeen and Grampian Chamber of Commerce to boost business opportunities for businesses in Guyana to partner with companies in Scotland that are involved in the oil and gas industry.
President of the GCCI, Nicholas Boyer told the media that the Aberdeen and Grampian Chamber of Commerce hold a number of businesses who sell products and services into the oil industry and are interested in exporting those products and services to the Guyanese market.
“Now in Guyana, clearly, we’re going to need to set up a supply chain that can provide those services and of course, one of the fastest way for us to be able to do that, is through joint ventures with companies who have existing technology and existing know-how,” he said.
The event was attended by over 15 Guyanese businesses and was facilitated by the GCCI and the British High Commission.
Guyana’s participation in these activities allowed the delegation the opportunity to appreciate the demands of the exploration and production sector, connect with deep-sea offshore and to develop avenues for capacity building for skills and education.
The team benefitted from advice on technological expertise re: oil and gas exploration and renewable energy, as well as development and techniques for environmental protection.
Editor’s note: This story previously stated that Investment bank, Hannam and Partners in the United Kingdom (UK) is the first partner in this venture. However, it was later clarified by Go-Invest that the bank is not involved. This story has since been amended to reflect accuracy.