Latest update December 23rd, 2024 3:40 AM
Energy Dept. urges oil companies to ‘respect our laws’
…says business strategies must be aligned with Guyana’s development agenda
By Gary Eleazar
Oil and Gas Industry captains were presented with an unambiguous message yesterday by Guyana’s Director of the Department of Energy (DoE), Dr. Mark Bynoe, at the opening ceremony of the 2019 Guyana International Petroleum Exhibition (GIPEX 2019) at the Marriott Hotel, Kingston.
Stakeholders networking during the opening of GIPEX 2019
Addressing the hundreds of delegates and other participants, Dr. Bynoe emphasised that while the DoE remains committed to promoting business and investments in the sector, the strategies and policies of these businesses must be aligned with the country’s national development and respect its laws.
According to Dr. Bynoe, “our peoples remain our most treasured resource. It is within this context therefore, that the Department remains committed to promoting businesses that are aligned with our national development strategy and aspirations, are of a strategic nature, and respect our laws.”
“Our goal is for ‘no regrets’ investments. As a Department, we seek to encourage increased local content and job opportunities that will allow our people to participate fully and access good quality jobs. We seek for partnerships and not just associations of convenience. We seek for development in consonance with our rich biodiversity and supporting pillars of our economy. In short, we are welcoming, but also determined in where we as a country want to go.”
Dr. Bynoe was adamant that while the country is looking to extend a hand of friendship while simultaneously seeking like-minded partners, it is cognizant that “for the first time, Guyana has an opportunity for true self-determination.”
The DoE Director said “this self-determination is being driven by a clearly defined Green State Agenda.”
Acknowledging ‘excellence’ is a never-ending journey, the Director told delegates that government is working towards the implementation of a soon-to-be-completed, revised legislative framework governing the industry.
He drew reference too, to a “contextually relevant” local content policy in addition to a new production sharing agreement template, in addition to the completion of 2D and 3D seismic surveys for better decision-making with regards to, “the remaining blocks and un-allocated areas offshore.”
Also addressing the opening was Chief Executive Officer (CEO) of Guyana’s Office for Investment (GO-Invest), Owen Verwey, who also touted the country as open for business.
Recalling the inaugural event in 2018, Verwey noted that there were a number of business relationships that had emerged from that activity and expressed optimism that the same would be repeated at this year’s event.
He said GO-Invest, as an organizing partner, is also keen on promoting new businesses and investments in the industry and reminded that the entity, “encourages the new ventures to consider local content and local benefit in your business development process.”
This, he said, would ensure that locals benefit from some of the economic successes that are to be derived from the emerging oil and gas industry.
The GO-Invest CEO posited, “this in turn helps to ensure the sustainable development of your businesses and the Guyanese economy, something we will all be proud of in the future.”
“Guyana is open for business and GO-Invest is here to support you,” Verwey asserted, as he announced that the agency is in fact in the process of restructuring its operations in order to not only cater for the traditional industries, but to more adequately service the Oil and Gas Sector.
Verwey told stakeholders, “as Guyana prepares to fully enter the world of oil and gas, this agency (GO-Invest) has been continuously improving its capability in recent years. However, we do recognize the challenges and are currently in the process of reviewing our operational structure, our roles, our resource capabilities and most importantly, our strategies.”
According to Verwey, “this is to ensure the agency can adequately support businesses in this new era.”
Welcome remarks were also delivered by President David Granger, by way of a video.
Participants at GIPEX 2019 were then invited to take part in a formal ribbon-cutting ceremony marking the formal opening of the exhibition which runs until Friday.
The keynote address was given by ExxonMobil’s Senior Vice President, Upstream Oil and Gas Deep Water, Hunter Farris.
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