President assures locals of role in oil & gas sector; urges innovation, creativity

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President Irfaan Ali says his government remains committed to ensuring that local businesses are optimally involved in the oil and gas sector.

The Head of State made this assertion during his address at the Virtual Guyana Oil and Gas Summit Tuesday morning.

While President Ali noted that the emergence of the oil and gas sector will result in an explosion of opportunities in Guyana, he said that it will also require investment, technical skills and capacity on an unprecedented scale.

“We are developing a Local Content Policy and Law which will promote local participation in the sector. The policy is being developed through a consultative process, including through the examination of best practices around the world,” said the Head-of-State.

The President stated that while foreign direct investment is essential for capitalising on the opportunities which the sector promises, it is also vital in building the capacity of the local sector.

“Guyana, therefore, welcomes foreign investment to help us acquire the capital, the skills and the technology to convert economic transformation into economic opportunities,” President Ali added.

The oil and gas summit, he added, provides an opportunity to begin preparations for the new economy by highlighting the investment opportunities in Guyana. It also offers local investors the opportunity to establish synergies, build capacities and forge strategic partnerships.

“I assure all that my government is supportive of investment – foreign and local. We are working to ensure a more enabling environment to boost business in Guyana,” he added.

The President commended CWC, Global Future Energy Limited and the Georgetown Chamber of Commerce and Industry (GCCI) for their partnership in organising the summit, which he acknowledged is an expression of confidence in Guyana’s future.

The virtual event will set the scene for the Industry’s development in 2021, where participants will be given the opportunity to meet with existing and new contacts, explore the latest policies and guidelines and develop new solutions to advance projects in Guyana.

Other speakers during the two-day summit included Minister of Natural Resources, Vickram Bharrat; Minister within the Ministry of Public Works, Deodat Indar and other government officials; members of the Diplomatic Corps, representatives of the GCCI and key stakeholders in both the local and international oil and gas sector.

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