Guyanese businesses urged to up game

With the inaugural Guyana International Petroleum Business Summit now completed, some are still questioning how they can benefit from the oil and gas sector. According to the Guyana Office for Investment, there are in fact ways to get a foot in the door.
At a press conference on Friday, GO-Invest Chief Executive Officer Owen Verwey was asked about ways in which persons who may not have participated in the summit can capitalise on the industry.

“What they should do to get themselves prepared to take advantage of these opportunities? I think, first and foremost, we don’t have enough of a corporate culture,” Verwey pronounced. “We have that culture where it is a one man show and standardisation is still to raise its level. Not that we don’t have that in Guyana, but the actual practise of it in all aspects of business is very important. Record keeping, traceability, those are key aspects we need to do.”
He added that making oneself informed, aware and educated as to what is going on, what is required in the industry, is also important, adding that this is very important in the embryotic industry.
“(The industry) is heavily technologically driven. So what you know today is not necessarily the same thing that will be required tomorrow. So it has to be a continuous process of you updating your knowledge and your level of understanding. Thirdly, we see the bigger businesses expending funds to come to this market to learn something.”
Opportunities
As such, Verwey noted the importance of businesses positioning themselves to take advantage of opportunities like the summit provided. These opportunities, he said, include chances to network with other businesses. He also posited the potential of other industries forming themselves into syndicates.
“They need to be going out there and networking, whether it’s in the oil and gas industry or other industry. They have to be working to learn and to look for the additional opportunities that are out there,”
“Last but not least,” the GO-Invest CEO suggested; “(explore) the possibility of some of the smaller guys in Guyana consolidating with others, as is currently happening in the mining industry, the syndicates. These small mechanic shops or welding shops may have to start considering things like that that will help to up the scale of their operation, bring efficiency to them, and help manage their cost of training and cost of operation.”