Partnerships key to maximising opportunities in O&G sector

Natural Resources Minister Vickram Bharrat has called on local businesses to form partnerships and consortiums to fully capitalise on opportunities in the growing oil and gas sector.

The minister made the call during an interaction with the Georgetown Chamber of Commerce and Industry (GCCI) on Monday. During the discussion, he provided an update on the rapid developments in the oil and gas industry and the government’s efforts to ensure local businesses benefit.

He shared vital information about the country’s oil and gas sector, including operations in offshore blocks such as Stabroek, Canje, Kaieteur, and Orinduik.

Minister Bharrat also highlighted that the ONE GUYANA Floating Production, Storage, and Offloading (FPSO) vessel is expected to arrive by June, with plans for it to be fully operational later in the year. The current production rate stands at approximately 640,000 barrels per day, with three FPSOs in operation. By 2028, six FPSOs are projected to be producing, further driving industry growth.

Additionally, he shared exciting news about ongoing exploration in the Stabroek Block, noting that more gas is being discovered as drilling continues further south. He emphasised the government’s focus on reducing ‘fronting’—a practice where foreign companies falsely claim to be local partners.

GCCI Senior Vice President Kathy Smith praised the government’s efforts to ensure that Guyanese people benefit from the country’s oil discoveries. She highlighted the Local Content Act, which prioritises Guyanese in hiring, training, and supplying the oil industry.

Smith also reaffirmed the chamber’s commitment to helping local businesses understand how they can participate and succeed in this expanding sector, ensuring the long-term development of Guyana’s economy.

Caption: Natural Resources Minister Vickram Bharrat (centre) with members of the Georgetown Chamber of Commerce and Industry