Pres. Ali woos Canadian businesses to explore ‘untapped potential’ in Guyana

Jun 26, 2025 News

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Kaieteur News – President Irfaan Ali, on Tuesday evening, welcomed Canada’s interest in Guyana’s oil and gas industry, but urged businesses in that country to explore opportunities in other sectors here.

He was at the time addressing the audience at the Canada Day celebration held at the Bel Air residence of Canada’s High Commissioner to Guyana, Sébastien Sigouin. Since the discovery of oil here, several Canadian companies have expressed interest in the sector. However, it is unclear whether there have been any new interests in recent times. The most prominent Canadian companies in the oil sector over the years have been CGX Energy and Frontera.

However, the Government of Guyana recently said that the licence that was issued to the companies to explore the Corentyne Block had lapsed, though the companies were adamant that it remains valid. The Corentyne Block was seen as a key effort to diversify Guyana’s oil industry, currently dominated by a consortium led by ExxonMobil. It is also the only area that Frontera and CGX Energy, the joint operators that hold the licence, have left in Guyana after they returned two other blocks in recent years over budget constraints. The Guyanese government had given the joint venture until February 22 to submit arguments for reconsideration. The license expired on March 10, 2025.

Eco Atlantic, another Canadian firm, was awarded the Orinduik licence in early 2016.  Eco holds 100% working interest in the Orinduik Block and an indirect, 1.3% working interest in the Canje Block. Eco Atlantic is an oil and gas exploration company focused on the Atlantic Margin, listed on the TSX Venture Exchange (TSX-V) in Toronto and the Alternative Investment Market (AIM) of the London Stock Exchange.

Guyana is one of Canada’s largest merchandise trading partners among the Caribbean Community (CARICOM). In 2023, merchandise trade totalled CAD $272.7 million. Exports for 2023 were valued at CAD $59.1 million, and imports were valued at CDN $213.5 million. Canadian mining companies are actively exploring in Guyana, while Canadian companies are seeking joint ventures in Guyana’s oil and gas market. A Canada-Guyana Chamber of Commerce was launched in Georgetown in December 2020.

Due to the Commonwealth Caribbean Countries Tariff (CARIBCAN) – an economic and trade development assistance programme for the Commonwealth Caribbean countries and territories established by Canada in 1985 – and Canada’s other Tariff preference measures, the vast majority of all Caribbean exports to Canada enter duty-free.

Governance

Meanwhile, Ali said that Canada plays a huge part in building out the strength of Guyana’s governance mechanism, especially in the case of the Indigenous communities. Highlighting that support is being provided for not just education but also criminal justice reform and governance, President Ali said such assistance comes not with a heavy hand but with true partnership in economics.

He assured that ties between the two countries are strengthening as the years go by, especially with them welcoming the extension of the CARIBCAN Trade Agreement until 2033, providing greater predictability and enhancing trade relations between the two countries, which the president described as “something that is more vital now than ever.”

The Head of State went on to say that, “The recent MoU signed with the Canadian Commercial Corporation is another positive step, and we expected, we expect to streamline and strengthen our procurement process. Canada remains a major investor in our mining sector, and we welcome your increasing interest in our oil and gas industry. But beyond these traditional sectors, we believe that there is significant untapped potential.”

He then extended an invitation to Canadian businesses to come to Guyana and explore the opportunities available in the agricultural sector, infrastructure, eco-tourism, public housing and also climate-smart agriculture. The President boldly described the latter as “a field where innovation can align beautifully with sustainability.”

Ali reasoned that it is recognised that the world in which we operate is a politically charged environment where conflicts, the erosion of multilateral cooperation and economic instability may have become way too common. However, in the face of all this, Guyana formed a strong belief that the Caribbean Region and the entire Western Hemisphere must remain a zone of peace, as the future depends on it.

“As we look to the future of Guyana-Canada relations. We do so with a sense of optimism and purpose. We believe that through continued bilateral and multilateral engagement, we can expand our trade and economic ties, confront the shared challenges of our era, including climate change, rising inequality, economic shocks and new security threats, and above all of all, the shared values that form the background of our friendship, courage in facing adversity, compassion in responding to human need, inclusivity in recognising every person’s dignity and creativity in crafting solutions for the future,” President Ali said. He urged the continuation of building a partnership that is not just strong but inclusive, sustainable and enduring, to ensure that the bond between the citizens of the two countries grows stronger in the coming years. The Head of State ended his speech with a toast to success and prosperity for Canada and continued friendship for the two countries.

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• Canada, Corentyne Block, Frontera and CGX Energy, Guyana untapped potential, Irfaan Ali, Oil and Gas, Sébastien Sigouin

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