This is a best prospect industry sector for this country. Includes a market overview and trade data
The GoG has an ambitious agenda to reduce the cost of electricity by 50 percent through the development of a 300-megawatt gas to shore project, the largest public infrastructure project in Guyana’s history. The GoG also plans to develop solar, wind, hydropower projects, and micro-grids to decarbonize the energy matrix and provide small scale power generation solutions for remote communities. There are opportunities for U.S. firms in the transmission and distribution of power, and the integration of renewable power to the grid. Of note, however, is that often the tender process is focused on securing the lowest price and not necessarily the highest quality or technical specifications, presenting a challenge for those interested in pursuing these opportunities.
ExxonMobil and its partners Hess and the Chinese National Offshore Oil Corporation (CNOOC) first discovered oil in the Stabroek Block offshore of Guyana in 2015. In December 2019, ExxonMobil’s first Floating Production Storage and Offloading (FPSO) vessel began production from the first well field in Guyana. By July 2022, Exxon and their partners are on track to produce over 300,000 barrels of oil per day (bpd) from two FPSOs. The pace of production in Guyana is projected to accelerate dramatically with the addition of one new FPSO per year for the next several years. As a result, Guyana expects to produce over 1 million barrels of oil per day by 2027, making it a top 20 oil producing nation and by far the largest oil producing nation per capita. The rapid ramp-up creates opportunities for oil and gas support service companies and suppliers.
The Ministry of Natural Resources develops, implements, and oversees policies for the exploration and utilization of Guyana’s natural resources, including oil. The Local Content Secretariat is responsible for ensuring firms comply with the LCA and is housed within the Ministry of Natural Resources. Investors seeking to participate in Guyana’s oil and gas sector are encouraged to register with both the Local Content Secretariat and the Center for Local Content and Development, which has a supplier registration and serves the oil and gas sector in addition to the Secretariat.
Sector specific opportunities:
- Oil and gas exploration and development
- Provision of drilling and seismological equipment
- Shore base services
- Industry specific trainings and capacity building
- Marketing and hedging of oil on behalf of the Government of Guyana
Office of the President: https://op.gov.gy/
Ministry of Natural Resources: https://nre.gov.gy/
Local Content Secretariat: https://petroleum.gov.gy/local-content
Center for Local Business Development: https://centreguyana.com/
Guyana Geology and Mines Commission: https://www.ggmc.gov.gy/