Guyana and Newfoundland sign MOU to enhance cooperation in Oil and Gas

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Guyana and the Government of Newfoundland and Labrador today signed a MOU to enhance cooperation and collaboration in areas of oil and gas

Guyana’s developing oil and gas industry will benefit from learning experiences from the Canadian province of Newfoundland and Labrador which has more than 30 years in oil and gas production and exploration.

On Monday, Minister of Business, Dominic Gaskin, signed a memorandum of understanding (MOU), on enhanced cooperation and collaboration in the area of oil and gas development, with the Minister of Natural Resources from Newfoundland and Labrador, Siobhan Coady.

Minister of Business Dominic Gaskin said building longstanding partnerships are important, given Guyana’s newness in the oil and gas industry.

“I think it becomes all the more important that we benefit from the experiences of those who have done this before,” Minister Gaskin said.

Minister Coady also stressed the importance of partnership in maximising opportunities in oil and gas.

“We’re here today to work with you to give you the experiences that we have so that you can build and grow your opportunity here in Guyana,” Minister Coady said.

A working committee will be established as part of implementing the three-year MOU.

Today’s signing marks the beginning of a trade visit by a Canadian and the Province of Newfoundland and Labrador trade mission in Guyana.

The trade mission will see some 50 persons from the province’s offshore oil and gas industry seeking to market opportunities, investment regime and partnership with local companies.

The trade mission is in collaboration with the Guyana Office for Investment (GO-Invest) and will conclude on October 18.

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