Guyana Basins Summit 2022... Guyana at critical juncture in oil history; must channel revenues into health, education, renewables - Industry Leaders

Guyana Basins Summit 2022… Guyana at critical juncture in oil history; must channel revenues into health, education, renewables – Industry Leaders

Oct 05, 2022 News

By Kiana Wilburg

Kaieteur News – Industry experts and potential investment partners participating in the three-day Guyana Basins Summit (GBS) which opened at the Pegasus Suites and Corporate Centre on Tuesday all agree that the country’s success with its petro-dollars lies in the strengthening of its health, education, and infrastructure industries as well as its human capital. There was also unanimous agreement that Guyana must invest in renewables such as solar power so that its efforts towards diversification can be achieved.

Specifically underscoring these key points during the opening of the summit were Canadian High Commissioner to Guyana, Mark Berman; Gerry Gouveia Jr., Senior Vice President at the Georgetown Chamber of Commerce and Industry; Professor Paloma Mohamed Martin, Vice Chancellor at the University of Guyana; Angus Young, Regional Head of Investment Banking and New Markets at NCB Capital Markets Limited; and Lorena Salazar, Chief of Operations and Guyana Country Representative at the Inter- American Development Bank (IDB).

Members of the panel which focused on ensuring local prosperity and sustainability through robust strategic and investment partnerships

The stakeholders were at the time, participating in a panel discussion that focused on ensuring local prosperity and sustainability through robust strategic and investment partnerships. This discussion was moderated by Chris Chapwanya, Chief Executive Officer at Sagacity (and) OilNOW.

High Commissioner Berman noted that he has been in Guyana for 20 months and based on his observations, the country is on a transformational trajectory. The envoy was keen to note that Guyana and Canada have a long relationship, adding that Canada has been the largest source of exports prior to the oil and gas sector.

“So we have a strong people link. We also have a commercial footprint that continues to grow,” the Canadian official stated.

Furthermore, the High Commissioner said Guyana has a significant opportunity to tap its renewable resources such as solar and wind. While this is critical, the envoy said it is recognized that the world cannot switch off the use of oil and gas, as these resources would be needed well into the future. Berman said this multi-pronged approach is outlined in the nation’s Low Carbon Development Strategy (LCDS) 2030.

As for Professor Mohamed Martin, she was keen to note the importance of upskilling the Guyanese populace as well as the role of the University of Guyana, a 60-year-old institution, addressing this state of affairs. The Professor said UG produces about 3000 graduates but the country needs about 15,000 to meet its needs. “So we need to scale up significantly and look for partners and opportunities.”

A section of the audience at the Guyana Basins Summit

Professor Mohamed Martin also spoke about the importance of tapping the Diaspora to meet the country’s labour and skills demand. While the University is not moving as fast as it ought to, Professor Mohamed Martin said a lot of progress is still being made. She said the institution has already introduced 21 new programmes but will catch up in about two year’s time.

Angus during his perspective stressed that NCB is no stranger to Guyana, adding that the company has extended significant credit to the Guyana Sugar Corporation (GuySuCo), and closed a multi-billion dollar loan with a major shore base facility. “What is happening in Guyana, the exponentiality requires non-traditional strategies. This means we need to see the development of domestic capital markets in Guyana to ensure Guyanese are able to get more access to financing and develop and make meaningful contributions in oil and other sectors,” the Regional Head said.

Lorena Salazar, Chief of Operations and Guyana Country Representative at the Inter-American Development Bank (IDB) during her presentation stressed the need to have oil and gas used to accelerate social and economic targets to ensure widespread growth. She said the IDB had been a trusted partner of Guyana for 45 years and since her appointment in 2018, there has been a remarkable evolution of opportunities for prosperity in Guyana.

The IDB official said, “Guyana is making a good decision with moving to diversification. The country has signed a major agreement with the government of Guyana to fund eight solar projects across the country. We are interested in seeing how we can support the government not just in oil and gas but with the other industries…”

Additionally, the IDB official said it is important for Guyana to not be preoccupied with oil and gas and the revenues to come but to also consider careful investments in its future.

“The future of the country is the people of the country,” the official said. “So Guyana needs to consider what are the skill-sets that will be needed in the future. Guyana also needs to tap the best people to help develop the resources in a responsible way and ensure that the opportunities for prosperity move beyond the coast, that it touches the Indigenous communities.”

She concluded, “We must leave no one behind…”