GEORGETOWN — With a population of .8 million, unemployment at 11.2 percent and national debt comprising 48.8 percent of the gross domestic product as of 2017, Guyana is a still developing nation that needs to recover rule of law and investment and financial freedom in public and private settings.
Located in South America and previously a Dutch and then British colony, Guyana’s current economy is heavily reliant on the production and refinement of commodities like sugar, gold, rice and bauxite. Development Alternatives Incorporated (DAI) and ExxonMobil have recently commenced projects to bring private sector and local business development in Guyana.
Esso Exploration and Production Guyana Ltd (EEPGL), an associate of ExxonMobil, has undertook this project alongside DAI with the creation of the Centre for Local Business Development in Guyana. Located in Georgetown, they assist small and medium sized enterprises (SMEs) in the country to grow and gain skills and resources to properly compete in various sectors.
The Centre foremost provides opportunities and financial support to firms related to the oil and gas sector, as it is backed by ExxonMobil, including safety equipment and personnel, marine operations, offshore supply and civil construction.
In 2015, ExxonMobil completed an oil and gas exploration in Guyana, where EEPGL is an operator and holds interest in Stabroek, Canje and Kaieteur. In Stabroek, which is 6.6 million acres wide, it holds 45 percent interest, while Hess Guyana Exploration Ltd. Holds 30 percent and CNOOC Nexen Petroleum Guyana Limited holds 25 percent.
This is where the Liza, Payara and Snoek field projects and drillings were located, as Liza Phase 3 resulted in an over 1 billion oil-equivalent barrels’ resource discovery and Liza Phase 4 in the discovery of a 197-foot-high oil-bearing sandstone reservoir.
This particular project brought development plans for a floating production, storage and offloading (FPSO) vessel, contracted to SBM, as well as contracts to TechnipFMC for the engineering, manufacture and delivery of a subsea system (SPS) and Sapiem for the engineering, procurement, construction and installation (EPCI) of subsea umbilicals, risers and flow lines.
The Centre offers many contracting opportunities for companies within helicopter services, marine vessels, freight forwarding, closed container units and rigging and slings as promoted on their website.
DAI, an international development company operating in over 150 countries to create economic development programs, will work over the three year course of this initiative to gradually transition the Centre for Local Business Development to Guyanese management.
As part of their Sustainable Business Group (SBG) project, they work on comparable projects to support private companies in their local business operations plus public authorities to incentivize and regulate more sustainable industries all over the world.
With their offered range of services in economic and policy analysis, corporate capacity development, strategy formulation, human resource surge capacity and so forth across oil and gas, metals and mining, telecommunications and infrastructure industries and onwards, local business development in Guyana is sure to rise the country and its people out of debt.
– Zar-Tashiya Khan