PSC Chairman cautions against building, investing in anticipation of Oil & Gas sector

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While highlighting that Guyanese businesses have learnt a lot from the inaugural Guyana International Petroleum Business Summit and Exhibition (GIPEX) 2018, Chairman of the Private Sector Commission (PSC) Eddie Boyer also underscored the need for local businesses to approach the emerging oil and gas industry with caution.

PSC Chairman, Eddie Boyer

Speaking at a GIPEX closing forum held at the Guyana Marriott Hotel today, Boyer noted specifically that persons should not build or invest in anticipation that they would automatically benefit from the sector.

According to the PSC Chairman “That is something we need to look at, our businesses shouldn’t assume, in whatever business you are doing, that the oil company will give you a part of whatever you are bidding for…I think you need to be more secure in your businesses, and that’s what we learned, rather than going random.”

Highlighting that everybody is in a rush, the businessman cautioned that persons must take the time to “understand this oil industry, it is not easy and you could end up spending a lot of money and not getting a contract, or spending a lot of money and not meeting the standards.”

“There are a number of big players we have met with, we have spoken to most of the persons here that are exhibiting and the PSC will be ongoing, talking to our local businesses, in terms of looking at local content, looking at the advocacy in terms of transparency, accountability and also what is in it for the Guyanese people” said Boyer.

Boyer had also highlighted at the opening of the forum, the importance of a good governance system for the sector and urged that the government ensure that both the Sovereign Wealth Fund and the Petroleum Commission are properly managed and transparent.

GIPEX 2018 is aimed at providing a networking platform for existing petroleum companies, service providers, equipment companies and investors through which interested parties will be informed about opportunities and developments in the oil and gas sector.

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