Business Minister Dominic Gaskin said much of the discussions are centered on local content.
“Should it be regulated, should it be legislated, should it be made into contracts or should it be left to Oil companies to use their discretion,” Gaskin said.
He said that there is no lack of opinions to ensure that Guyanese reap the benefits of the developing sector. According to Gaskin the administration understands that “this is a huge long term private sector and that the investors are planning to extract 450 million barrels of non-renewable resource from beneath our sea bed”.
Gaskin told the Canadian delegation that the David Granger government is satisfied with the progress at the Lisa One project.
“We want to see that progress continue and we want to see oil produced by 20/20 as schedule…we understand the transformational nature of this project and how it can provide learn term benefits to our people and to our economy if its properly regulated, monitored and managed.”
The delegation from 20 businesses in Canada, are partnering with the Guyana Office for Investment, GO-INVEST to share their knowledge on the emerging Oil and Gas Sector.
Treasurer of the Broad of Directors of the Newfoundland and Labrador Oil and Gas Industries Association Mike Critch noted that Eastern Canada has developed their production over the last 25 years and is pleased to share their expertise with Guyana.
“So Guyana being the country new to the Oil and Gas Production offshore, it’s going to have new sources of revenue, new sources of economic development.
“We think that we cans share some lessons and maybe help businesses and have the people of Guyana learn what they should do so that they can benefit the most”, Critch said, adding that as the sector develops there needs to be technological advancements as well.
Go-Invest chief executive officer, Owen Verwey said he expects Guyana to benefit from the visit of the mission.
“If we don’t get involve and we don’t understand what is going to happen here, obviously we will be in a non-oil and gas economy. We don’t know what is required by the industry, partnering with those who would have experiences, partnering with those are interested in teaching us so that there will be a mutual benefit on both sides is the biggest benefit from us.”
Charge de Affairs, High Commission of Canada Jan Sheltinga said that the High Commission is privileged to facilitate the timely visit of the delegation to Guyana, “as the country prepares to establish strong support mechanisms for the emerging industry.”
She noted that one of our key pillars of engagement with Guyana is supporting sustainable economic growth and mutual prosperity through increased trade and investment ties.
The trade mission is a collaborative effort between the Ministry of Business, GO-Invest the Ministry of Natural Resources and Government of Canada and the High Commission of Canada.