Small businesses should prepare themselves for Oil – Business Minister

Jul 03, 2016 News

Minister of Business, Dominic Gaskin addressing stakeholders at the SBDF AGM

Minister of Business, Dominic Gaskin, is optimistic that the discovery of oil in Guyana will generate much needed economic activity for the nation. Speaking at the 13th Annual General Meeting of the Small Business Development Finance Trust Inc. Gaskin said that the discovery has placed Guyana on the map.
The country will consequently become the focus of various types of business interests, he added.
The Minister said “now that we have one of the largest companies (Exxon Mobil) in the world operating in our country, things have changed and people are paying attention to us all of a sudden.”
Gaskin urged Guyanese to get their act together as soon as possible if they wish to benefit from the attention which Guyana will continue to receive. He posited that the country needs to showcase itself as a nation that means business and it will be treated as such in return.
The Minister is confident that within the space of months, individuals and companies will be experiencing Guyana for the first time and the country will see an increase in economic activity.
According to Gaskin, whether Guyana becomes an oil producing nation or not, the attention it is receiving now will encourage many foreign investors to establish a toe-hold in the state.
The business that these investors will bring to the shores of Guyana will require many of the products and services that small businesses can provide according to Gaskin.
He alluded to a chain reaction when he made it clear that local small businesses may not be able to supply the big oil companies; however, what he expects, is small business owners direct their focus on the other companies which will be attracted to Guyana.
He urged the small business entrepreneurs to look ahead and identify where they would like to be within five years and begin working towards that goal.
“If you need training, get the training, if you need equipment, start sourcing your equipment, and make sure it’s the right equipment for the future of whatever sector you’re involved in.”
Exxon Mobil had made a significant discovery of oil in May 2015. The Liza-1 well which was drilled in the Stabroek Block located 120 miles offshore Guyana is expected to produce as much as 700 million barrels of oil. This figure is estimated to have a value of US$28 billion.
It was reported last Saturday that another significant discovery was made in an appraisal well Liza-2, which is located two kilometers from Liza-1. A report on this find is expected to be made available in the near future.

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