By Vishani Ragobeer
Guyana’s prolific oil and gas sector is expected to expand this year with the upcoming award of new oil blocks following the country’s inaugural auction and four Guyanese women, who founded Sispro Inc., want to be part of that expansion.
Sispro Inc. is a Guyanese company founded by Dr. Melissa Varswyk, Ayo Dalgety- Dean, Abbigale Loncke- Watson and Omadele ‘Dee’ George.
And it was the only lone Guyanese company bidding for the oil blocks offshore Guyana. In fact, Dr. Varswyck told the News Room that Sispro Inc. bid for two of the 14 blocks that were up for grabs.
How did it all start?
These four women are part of a wider network of Guyanese women keen on supporting each other’s ventures. When the government decided to auction the 14 blocks instead of setting up a national oil company, these women were among those who wanted to get involved.
“We decided to set up Sispro because we wanted to ensure Guyanese could benefit from the resources that are available to us and for us.
“I suppose as a group of women, we were concerned about building generational wealth for all Guyanese.
“…It kinda boiled down to the four who were like ‘Yes, we are totally committed to this’,” Dalgety-Dean explained.
Bidding for oil blocks is no easy venture.
Guyana’s government set out steep requirements for bidding on the blocks in both shallow water and deep water. For example, there will be a minimum signature bonus requirement of US$10 million for shallow water and US$20 million for deepwater blocks.
Also, there was a participation fee of US$20,000 in respect of a block for tender in order to gain access to the virtual data room and participate in the competitive bidding process.
Because of these and other requirements for bidding, the women recognised they had to get the right technical expertise and sound backers.
“At that point, none of us had expertise in oil and gas so we went out looking for a team.
“… It wasn’t that hard,” Dr. Varswyck, Sispro Inc.’s chairwoman, said.
The NewHayven Merchant Bank, chaired by United States (US)-based Guyanese Floyd Haynes, provided the financial backing. This was a crucial partnership since a merchant bank, generally, mobilises finances on behalf of entities such as corporations. It engages in loan, fundraising and underwriting services.
Other partnerships helped the company garner the technical expertise it needed.
Now, Sispro Inc. awaits the government’s evaluation of the bids. Once that is completed, there will be negotiations before any blocks are finally awarded.
Dr. Varswyck said the company is keenly focused on the acquisition of these blocks and searching for oil offshore Guyana. Doing so is important to the team because they believe Guyanese should have a greater stake in their country’s resources.
The long-term plan for the company, Dr. Varswyck said, is to get involved in the renewable energy sector as well.
Dr. Varswyck believes that Sispro Inc. will be a model for other Guyanese ventures and women seeking to get involved in a sector that does not readily accept “outsiders” as she puts it.
“We are definitely that model,” she said.
MORE ABOUT THE DIRECTORS
The four directors already distinguished themselves in their respective fields.
Dr. Varswyck is the Co-founder, President and Chief Executive Officer (CEO) of the Georgetown American University. She is also the Vice-Chair of the Black Entrepreneurs Association and serves on the Board of Directors of the American Chamber of Commerce (AMCHAM).
Dalgety- Dean is the Founder and Managing Director of Blossom Inc., an organisation that supports women and girls affected by sexual violence. She is also skilled as a Financial Analyst.
Loncke-Watson is the CEO of MBW Energy Support Services Inc., a company that provides guidance for companies entering the Guyanese energy market. She is also involved in several other private sector ventures.
And George is the General Manager of the Herdmanston Lodge in Georgetown, and now serves as the President of the Tourism and Hospitality Association and as a Director of the Protected Areas Commission (PAC).
Dr. Varswyck and Loncke-Watson are also directors of the Women in Energy Organisation, where Loncke-Watson serves as the body’s chairwoman.
