Gov’t to re-evaluate use of waterfront properties to ensure maximum value
The Government of Guyana is conducting an assessment of the waterfront properties under its control, including those currently on lease and recently disposed. This exercise is a part of the Government’s vision to ensure the modernization and efficient use of these properties, which have increasingly become more valuable in recent years.
For one, these properties, which were traditionally used for wharves to facilitate loading and unloading of cargo ships in the import/export markets, are now in demand by the new oil sector.
Guyana’s significant offshore oil discoveries have heightened the demand for use of waterfront properties to facilitate the expansion of shore base operations for oil and gas players such as ExxonMobil, other operators and subcontractors.
Because of this increasing demand for this finite land resource, the Government is keen to avoid any adverse effects or potential hindrances to other critical aspects of the country’s traditional imports and exports sectors, which still require access to the waterfront to facilitate preparation and receipt of cargo and shipments.
The Government believes that these limited resources must be efficiently used to ensure the best value for traditional and budding national sectors. It is therefore in the national interest that this review of these properties is conducted to maintain our competitiveness as a global destination for business.