We don’t intend to be solely dependent on oil –Minister Trotman

Feb 08, 2018 News

…Says establishment of Multi-stakeholder committee on Natural Resources underway

By Kiana Wilburg

Natural Resources Minister, Raphael Trotman

The APNU+AFC Government has no intention of allowing Guyana’s economy to become solely dependent on the riches of oil and gas. According to Natural Resources Minister, Raphael Trotman, the Coalition Administration intends to use oil wealth to develop the infrastructure that is needed to ensure Guyana becomes the breadbasket of the Caribbean.
Trotman made these and other comments during his presentations yesterday at the Guyana International Petroleum Business Summit (GIPEX). The three day event is being held at the Marriott Hotel. There, Trotman spoke of the government’s agenda for the oil and gas sector.
The Natural Resources Minister said, “We don’t want to simply be known as an oil producing nation but rather, one that took its resources and revenues and used it to fashion and carve a nation that is geographically and strategically positioned to produce the food that would be needed to feed the 48 million people who are projected to inhabit the Caribbean region by 2050.”
In boardrooms across the world, the attorney-at-law said that Guyana is the talking point; it is being known as the place to be. His word of advice to the local entrepreneurs is to be prepared for the level of investment that will be forthcoming as it is expected to be of an unprecedented level.
Furthermore, the Natural Resources Minister also recalled a Bloomberg article which said that Guyana’s oil wealth in the Liza 1 well alone was pegged at US$69.5B. Since that discovery in 2015, Trotman said that the volume has increased with five other wells.
The Minister said that the Government has since invited many international companies to help the nation develop this resource. He said that some of these companies include ExxonMobil and its affiliates; Hess and CNOOC; Repsol, CGX, Tullow and Mid-Atlantic.
The Natural Resources Minister said that Guyana’s current contractual construct allows for it to enter 50/50 partnerships with these companies. All of the potential wealth is within the nation’s grasp.
He also noted that the Government will continue to strengthen rules and regulations for the oil and gas sector. In this regard, he revealed that the Government will be establishing a Multi-stakeholder committee on natural resources which itself will have four subcommittees on petroleum, mining, water and forestry.
THE SUMMIT

A section of the audience during the first day of GIPEX

Several stakeholders in the oil and gas industry gathered at the Marriott Hotel yesterday for the opening of the Guyana International Petroleum Business Summit. The forum will continue today and concludes tomorrow. Over 400 participants, inclusive of exhibitors and delegates, are expected to be in attendance.
Working to ensure that the summit is a success will be the Ministry of Natural Resources and the Guyana Office for Investment (Go-Invest), with the support of a number of other state agencies. It is hoped that GIPEX will become an annual event.
According to organisers, GIPEX 2018 is an important initiative since it seeks to promote Guyana’s Oil and Gas Sector and will present investors with numerous avenues to explore the nation’s petroleum potential.
The organizers said, too, that USA Oil giant, ExxonMobil, will be a Strategic Partner on the project. Other sponsors include; Repsol Exploration S.A. (Guyana), Guyana Bank for Trade and Industry (GBTI), Schlumberger, JHI Associates, CXG Energy Inc., Integrated Security Services, Scotiabank, and El Dorado Offshore.
GIPEX 2018 will encompass three days of presentations and interactive exhibitions. These will be focused on Health, Safety and the Environment (HSE), the sustainable management of the industry and incorporating Guyana’s Green Initiative into its development.
The conference will include presentations and panel discussions with participants from companies such as ExxonMobil, CGX, Noble Drilling, Total SA, Eco Atlantic/Tullow, Guyana Geology and Mines Commission (GGMC), Ministry of Natural Resources, and Go-Invest.
Keynote speeches have since been delivered by Minister of Public Telecommunication Catherine Hughes and Minister of Public Infrastructure, David Patterson. Participants have also had a comprehensive introduction to the petroleum sector followed by interactive and practical exercises to maximize engagement.
Participants for the summit include Parker Drilling, Vinci Energies Oil and Gas, National Energy Corporation of Trinidad and Tobago Limited, Cataleya Energy Limited, ROSE Environmental Ltd., Central Equipment Rentals Limited, Courtesy Garage Limited, Mid Atlantic Oil & Gas Inc. , i-Tech Services, Fircroft Group, HB Rentals, Total EP Americas, International Geological Services Ltd., Benca Process and Engineering Solutions, PriceWaterhouseCoopers, Giscad Limited, KPMG, Petronas Suriname E&P B.V., Danco Electrical Contracting, Guyana Logistics and Support Services Inc., Repsol, Schlumberger, Halliburton, Saipem, and Chevron.
The exhibition will be open to members of the public on the final day, from 14:00 hrs to 18:00 hrs.