Guyana’s exemplary management of its oil and gas sector has earned it an invitation to chair a global coalition of the world’s newest oil-producing nations. The group includes fellow oil producers such as Ghana and Suriname.
Minister of Natural Resources Vickram Bharrat made the announcement on Saturday during the commissioning of the Vreed-en-Hoop shore base facility. The minister said Guyana was asked to chair a new producers’ worldwide group starting in February this year.
He believes that the achievement is due to the government’s work and commitment to the petroleum sector.
“Today, we have seen the confidence of investors rising as well. As investors, your investment must be secured,” the minister stated.
The government has established a framework for effectively managing the oil and gas sector through visionary leadership and strategic policies.
This approach has driven unparalleled growth, positioning Guyana as a global leader among emerging oil producers.
Minister Bharrat noted that no other country has transitioned from oil discovery to producing over 600,000 barrels per day in such a short time as Guyana has since the May 2015 discovery.
“We are well poised with the arrival of the new FPSO [floating production storage and offloading unit] later this year to be very close or maybe over 900,000 barrels per day. We have already signed two other production licences with ExxonMobil Guyana which will take us way above the million barrels mark per day,” Minister Bharrat explained.
He remains adamant that Guyana’s success rate at discovery wells offshore has never been experienced anywhere in the world.
Guyana’s Local Content Legislation has also driven growth in the industry, enabling over 1,500 local enterprises to register, with the majority benefitting from opportunities.
Nearly 7,000 Guyanese are now directly employed in the oil and gas sector.
