Guyana is on the path of greatness as it continues to see major developments in its oil and gas (O&G) sector which entails numerous opportunities for local, regional and international stakeholders. But focus must not be lost on the country’s traditional sectors that are ripe for the picking. Guyana, therefore, welcomes investments, but at the right price.
This was just one of the comments made by Guyana’s Head of State, President Dr Irfaan Ali during his keynote address this morning at the International Oil and Gas Conference and Expo being held at the Marriott Hotel in Kingston, Georgetown.
President Ali said that his government means business, before issuing an open invitation to investors.
“We are welcoming capital, but the capital must come at the right price. So, I’m giving an open invitation like we did before…We’re negotiating very competitively, so you have to come with good rates and fixed-term rates, so don’t second guess us, don’t say you never got the opportunity – it’s open-door policy. We’re welcoming capital. Don’t complain in you don’t make use of the opportunity,” he said.
Dr Ali said that while his government is opening the doors to investment, it remains committed to ensuring transparency and accountability, so that Guyanese are able to track oil monies – their oil monies.
“We are building in these transparency measures. We’re making it simple for every Guyanese of the world to understand how the money is being spent – no complicated macroeconomic formula…Very simple calculation. Every single Guyanese must be able to calculate for themselves the money that is coming in and how it is being used. Simplicity of policy is successful policy,” the President said.
The four-day conference will conclude on Friday and is being attended by foreign dignitaries including the President of Ghana, Nana Addo Dankwa Akufo-Addo; Suriname’s President, Chandrikapersad Santokhi; Barbados PM, Mia Mottley.
ExxonMobil’s Chairman and Chief Executive Officer, Darren Woods is also attending, along with the Acting Assistant Secretary in the Office of Fossil Energy and Carbon Management of the United States Department of Energy, Dr Jennifer Wilcox.
