Prime Minister Mark Phillips, who is currently performing the functions of the president, on Thursday said that Guyana must leverage its growth in the oil and gas sector in a manner that is beneficial to all Guyanese.
He underscored the importance of a good Local Content Policy and a strong Natural Resources Act.
“We recognise the need for legislation, through a Natural Resources Act that will ensure the accountable and transparent management of our oil and gas revenues. Additionally, a solid Local Content Policy will further ensure that our citizens and local businesses are front of the line in reaping the greatest benefits.”
The Acting Head of State made these remarks, as the chief guest at the launching of ChampionX Guyana Incorporated, an oil and gas associate company.
He added that the Government is working assiduously to ensure that Guyana does not repeat the mistakes of other oil-producing nations and fall victim to the Dutch disease.
The Senior Government Official also said that the administration has already created a local content panel, aimed at engaging with stakeholders to develop a proper policy and that the presence of ChampionX in Guyana, will see Guyanese benefiting from advanced skills training in a high-demand industry.
“Guyana is on the brink of transformative development and it will take every effort and all of our resources to effectively manage this development so that the country can thrive for generations to come”.
CEO of ChampionX, Sivasankaran Somasundaram, acknowledged Guyana economy as one of the fastest-growing around the world and said that the company is committed to the long-term development of the country in a safe and sustainable way. He said that ChampionX has already begun to partner with the University of Guyana to develop human capacity and that the company is committed to respecting all the laws of the country.
“We are committed to stimulating Guyana’s industrial, human and technological development… to that effect, we are already working with the University of Guyana in exploring various possibilities to increase science and engineering talents, [and] upgrade lab facilities etcetera”.
ChampionX is headquartered in Texas, USA. The company has over 6,000 employees and specialises in chemical technologies, artificial lift technologies, drilling technologies and automation and optimisation.
Also present at the launching in McDoom, East Bank Demerara, was Senior Minister within the Office of the President with responsibility for Finance, Dr Ashni Singh.