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Local companies should participate in oil blocks auction – GMSA
Kaieteur News – The Guyana Manufacturing and Services Association (GMSA) is urging local companies to participate in the competitive auction for new oil blocks.
The GMSA made the call on Monday during a press conference held at its Waterloo Street, Georgetown office just days after President Irfaan Ali announced the launch of Guyana’s inaugural bid round for 14 of its offshore oil blocks, estimated to hold more than 10 billion barrels of oil.
President of the GMSA Rafeek Khan disclosed that the Association has been working in primarily non-oil sectors with the hope of being able to carve a path into the burgeoning oil sector.
“I would say sometime we were sleeping at the wheel and businesses not realizing the growth of our new economy, so this announcement [launch of bid round for oil blocks] will further help our companies… those especially in Guyana who is trying to be part of the energy sector and I would like to strongly suggest that those companies who have been seeking opportunities now is your time with the recent announcement,” Khan stated.
Chairman of Trade, Investment and Legal Committee of the GMSA, Ramesh Dookhoo (left) and President of GMSA, Rafeek Khan at the Press Conference on Monday.
Though he strongly encourages local companies to take advantage of the opportunities, Khan made it clear that they need to prepare not only for the opportunities abound but to ensure that there is improvement relative to quality and standards.
“It gives us at the manufactures level to go in stronger negotiations and being prepared to travel in 2023 to other countries bringing joint venture partnerships and bringing other players who can help us become even perhaps a major player in the oil and gas industry. It would bring tremendous joy to see a company coming out of the GMSA being a primarily producer,” Khan related.
Meanwhile, Chairman of Trade, Investment and Legal Committee of the GMSA, Ramesh Dookhoo said that with the announcement of the bid round for the 14 oil blocks represents a huge opportunity for local businesses.
The Chairman noted that the issue of energy “as you know especially for the manufacturing sector has been a huge issue, so we believe there is huge opportunity for local content to be further developed and for more Guyanese companies to benefit from local content.”
President Irfaan Ali, on Friday, announced the commencement of Guyana’s inaugural bid round for 14 of its offshore oil blocks, estimated to hold more than 10 billion barrels of oil.
The auction will run until April 14, 2023, with contracts expected to be signed the following month.
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