OTC: Multiple partnerships formed between local, foreign companies following last OTC – GO-Invest CEO

Dr Peter Ramsaroop



As the scheduled date for the next Offshore Technology Conference (OTC) draws closer, officials have revealed some of the success stories that came out of previous conferences, including the partnerships formed, and have called on the private sector to establish consortiums in preparation for the next event.

The Georgetown Chamber of Commerce and Industry (GCCI) held a press conference on Monday, which was attended by Guyana Office for Investment (GO-Invest) Chief Executive Officer (CEO), Dr Peter Ramsaroop, to provide an update on the next OTC, which is expected to be held in May 2024.

During the press conference, Ramsaroop highlighted some of the success stories from previous OTCs, such as Guysons Engineering Limited, which formed a US$60 million joint venture partnership with United States equipment manufacturer K&B Industries. It was recommended that the private sector form partnerships, especially in non-oil sectors such as agriculture and renewable energy.

“As we promote Guyana, Guyana is more than oil. And last year, at the OTC, we expanded that relationship with the companies. And very successfully. The success stories have been tremendous,” Ramsaroop said.

“If you ask Guysons, for example, what and how they met their joint venture partner, which is one of the leading engineering companies in Guyana, they will say at the OTC. If you ask Gaico and many other companies, Atlantic Ventures, Miranda Deen and many others, we actually helped facilitate that connection. And they were able to ultimately do the joint ventures.”

Ramsaroop also challenged the private sector to collaborate to take advantage of the stream of opportunities that will come their way. Further, he touched on the role that the GCCI can play, in steering international companies towards local partners.

“What I would challenge the private sector in Guyana, is don’t wait for those things to happen. The Government is very transparent. When you study the budget from his excellency in 2024, you will get a great idea of where the Government is spending money.”

“And that is where our local private sector has to take the lead. And be ready for that next transformation. And as international companies come in, one of the first things our office says is to find a local partner. Don’t try to do this yourself,” Ramsaroop explained.

Ramsaroop’s point about the way past conferences paved the way for more partnerships to form, was reinforced by GCCI, which was represented by its Vice President Richard Rambarran. The Vice President noted the good that can come from collaboration, such as the partnerships that formed following the last OTC.

“You may recall, for example, the last OTC or perhaps the OTC before. There was a signing with the Houston airport authority, with our CJIA. And from that, we’ve seen partnerships, collaborations, that have really helped to drive the influx we’re having.”

“So, it is a multitude of benefits that occur. And I want to emphasise the point that this is really representative of Guyana. It is a collective effort and we will continue as the private sector, to be a responsible private sector. Responsible stewards of the engine of growth,” Rambarran said.

The OTC serves as a vital forum for offshore energy industry stakeholders to exchange ideas and explore innovative technologies, with Guyana participating for its fourth consecutive year. During this year’s conference in May, Guyana participated through a collaboration between GO-Invest and 40 private sector companies, with over 100 participants in the delegation that went up to Houston, Texas for the conference.