Over twelve partnerships with local companies have already been established through the visiting Canadian Trade Mission. A 50-member delegation from the Canadian province of Newfoundland and Labrador has been in Guyana on a four-day trade mission to leverage partnerships with Guyanese businesses to access opportunities in the oil and gas sector.
According to DPI, Member of the Board of Directors, of the Newfoundland and Labrador Oil and Gas Industries Association (NOLA), Michael Critch said more than 25 companies have visited a number of local companies to partner with them in the interest of forming joint ventures, and to transfer knowledge and skills for the oil and gas sector.
With 12 Memorandums of Understanding (MoU) being signed already, Critch said he hopes to see more partnerships and relationships coming out of the trade mission. He noted the level of interest in the local oil and gas sector has increased profoundly.
“Our delegation has grown significantly from last year to this year with the number of companies coming, and its doubling. The interest from Guyanese and Guyanese businesses has increased profoundly,” Critch said.
He added, “There are a lot more activities and a lot more oil finds here now which makes it a lot more prolific and exciting. Not only for Guyanese people but for oil and gas industry businesses around the world; to try to figure out if there is a place here or not to partner or joint venture with local companies.”
Critch further stated that the partnerships will contribute to developing local content given NOLA’s experience in the oil sector. “It cannot be unsaid that along with the direct benefits and the direct jobs and the direct companies doing services, there are indirect services and people that are required all through the local industry and companies. There will be a lot of spinoff work that will create infrastructure here in Guyana to be able to serve the industry, and then there will be infrastructure built to serve the people that are serving the industry directly. So, the industry will touch just about every Guyanese in some way, shape or form; it may be directly or not.”
On October 15, the Government of Guyana and Newfoundland and Labrador signed a MoU in the area of oil and gas development. The signing of this MoU builds on over 200 years of trade relationships between Guyana and Newfoundland and Labrador.