The sod for the GY$62.7 billion Vreed-en-Hoop Shore Base facility on the West Coast of Demerara was officially turned on Tuesday, signalling the start of construction.
The shore base is being undertaken by Vreed-en-Hoop Shorebase Incorporated (VEHSI), a joint venture between NRG Holdings – a consortium of local businesses and Jan De Nul – an international maritime infrastructure company.
The consortium comprises three local entrepreneurs: gold miner Andron Alphonso of ZRN Investment Inc; Azruddin Mohamed of HADI’S World Incorporated; and Nicholas Deygoo-Boyer of National Hardware Guyana Ltd.
In April last, VEHSI landed a contract with ExxonMobil Guyana to support future construction activities of the oil and gas giant. Through the contract, ExxonMobil Guyana will use this shore base to conduct more of its needed fabrication works.
Speaking at the sod-turning, President of ExxonMobil Guyana Alistair Routledge noted that the project is a “key milestone” in the development of Region Three (Essequibo Islands-West Demerara).
“We are bringing opportunity into the country to develop oil and gas here with the support services. It’s also going to be the foundation for a much larger port project that the Directors have an ambition to build here, which will build more significant impact for the whole country,” Routledge said.
Meanwhile, Minister of Natural Resources Vickram Bharrat commended the entrepreneurs for undertaking the initiative and answering the call of the government to form joint ventures so Guyanese can also invest in the oil and gas sector.
“It requires a lot of start-up capital to invest in the oil and gas sector and that is a challenge for us in Guyana, it is a challenge for our local private sector – the access to capital and one way to overcome that is for us to come together in partnerships,” he said.
Director of NRG Holdings, Nicholas Deygoo-Boyer said that the company, which holds an 85 per cent stake in the project, is committed to working with residents to improve the community and bring employment opportunities in the oil and gas sector to the region.
Sharing brief remarks, the Minister within the Ministry of Public Works, Deodat Indar said that the project will bring “significant benefit” for Region Three and drive a “huge” economic spinoff.
The shore base development will include facilities such as general/heavy loading berths, storage/laydown yards, construction offices, mess hall, parking, and backup generators.
