“Seize opportunities from oil and gas sector to help develop Guyana”

– Canadian envoy urges private sector

Canadian High Commissioner to Guyana, David Devine said open and transparent mechanisms to manage the gains of the oil and gas sector in Guyana in an equitable manner is crucial if citizens are to share in the wealth this sector could bring. Devine was at the time addressing members of the Central Corentyne Chambers of Commerce at their dinner and awards ceremony held last Saturday.

Devine said Guyana is on the cusp of potentially discovering significant quantities of oil and natural gas, and with this discovery, Georgetown will be presented with a unique chance to generate revenues needed to invest in education, health, and infrastructure with a view to alleviating poverty.
He said the oil and gas sector is one of the most profitable industries in the world, but a successful industry depends on several variables. “Some of these variables are: implementation of effective policies and legislation to ensure sustainable development gains from the oil and gas sector for all of the nation’s peoples; open and transparent mechanisms to manage the gains of the sector in an equitable manner; local industry preparation to effectively position businesses to exploit the multitude of opportunities that are created in support of an oil and gas sector, and finally, a greater understanding and awareness by stakeholders of the importance of the oil and gas sector in a country’s development and contributions to its economy, while addressing poverty alleviation and its associated socio-economic hardships.”
Devine said Canada understood the complexities and challenges in the oil industry, which is why it has been building partnerships with the government of Guyana and other stakeholders to provide technical support, build capacity, and other assistance.
The high commissioner added that the recent news about the drilling expeditions have not been as favourable as one would like, “this does not mean that a discovery will not be made.
“When we look at past examples of the development of prominent oil fields, we see that persistence is the key word. You need to build incrementally on the drilling research to effectively target a commercial field.
“In Newfoundland, off the east coast of Canada, 42 wells were drilled before the eventual bonanza of 3.1 billion barrels of proven oil reserves was eventually found as well as 17.5 trillion cubic feet of natural gas.
“It can take time, but it is vital that you, the private sector – the engine of Guyanese economic growth, seize the opportunities from natural resources to maximise in an optimal way the development of Guyana. It is very important to ensure that the current window of opportunity is not wasted.”
Rich benefits for Berbice
Speaking specifically about Berbice, Devine said by nature of geography, the county is suitably located to maximise on the peripheral industries that the oil and gas sector can spawn with its evolution. “To reinforce this fact, there are an estimated 116 secondary industries that can vary from catering to accounting to health care provision, environmental management, laboratory analytical support, and a host of logistical and supply services which support the intense activities that are involved in the oil and gas sector.”
Additionally, Devine said the potential for job creation in Berbice will expand tremendously. “An oil and gas sector in Berbice will give rise to new career fields and prospects becoming available to the residents. Here is a chance for students to increase their areas of studies that can contribute to the oil industry or general business development, in the region. Just recently, we observed the drilling programmes that are ongoing in the Guianas offshore basin.”
He said it is his personal view that there should be little doubt that Guyana is on the verge of realising an opportunity of immense proportions. “The vast reserves of hydrocarbons in the offshore basin represent the promise of a better future for all Guyanese. Properly managed, the benefits of developing the offshore can be shared by all sectors of society.