Guyana, by sheer measure of its oil barrels on a per capita basis, is ranked among the world’s top producers of hydrocarbons. But what would it take for the country to become a model State on ensuring widespread prosperity with these resources?
Iman Hill, a seasoned Petroleum Engineer and head of the International Oil and Gas Producers Association says there are three key areas Guyana must master: Ensuring there is an enabling business environment, building an efficient local workforce, and creating strong frameworks with regional partners.
Hill said an enabling business environment is critical for keeping the wheels of Foreign Direct Investments (FDI) turning. For businesses to achieve ambitious long-term plans within these shores, Hill said leaders must put the requisite policies to ensure success.
Hill said, “When planning for the next decade and beyond, companies need to be able to rely on stable fiscal policies that incentivize investment and whereas these policies will need to attract investors. It is the regulatory policies that will ensure they stay…”
If Guyana can structure competitive tax regimes with supporting regulatory frameworks, Hill who has 30 years of experience said the country will set itself on a path to driving socioeconomic development and energy independence.
With respect to building local capacity, Hill said Guyana must aim to have a skilled workforce, drive a culture of safety, and build a resilient supply chain. Hill said Guyana, has one of the highest immigration rates and therefore needs to establish retention strategies for native Guyanese and build stronger ties with the Guyanese Diaspora.
In the area of safety, Hill said it is vital to have technical capability for offshore operations. Without a no-tolerance approach for unsafe practices, she said “your industry here will not be successful.” Hill said the devastating environmental effects of the Macondo well blowout in the Gulf of Mexico can still be seen more than a decade later. She said it serves as a stark reminder of how risky the industry is.
She also underscored the need for Guyana and Suriname to have cross-border agreements on oil spill safety, given their proximity.
Turning to her point of regional cooperation, the Petroleum Engineer said it is critical that Guyana seeks meaningful partnerships on energy with not just Suriname but also Brazil and Trinidad and Tobago.
“I am a strong believer in the importance of collaboration both across the region and globally…Just imagine another energy block of countries that can shape their economic development collectively given their resources. To build resilient ecosystems of any kind, there needs to be collaboration,” expressed Hill.
By ensuring the foregoing fundamentals are mastered, Hill alluded that Guyana would rise to the top ranks of elite oil-producing States.
