Guyana, Canadian province set to sign oil and gas MoU during 50-member trade mission’s visit

Last Updated on Friday, 12 October 2018, 16:11 by Denis Chabrol

Minister of Natural Resources from Newfoundland and Labrador, Siobhan Coady

Guyana and the Canadian province of  Newfoundland and Labrador are next week expected to sign a memorandum of understanding on cooperation in oil and gas, the Canadian High Commission here announced on Friday.

Touting the fact that that province has significant experience in servicing Floating Production, Storage and Offloading (FPSOs) and oil rigs, the diplomatic mission in Guyana said the expression of willingness on technical cooperation on oil and gas would be signed by the Minister of Natural Resources from Newfoundland and Labrador, Siobhan Coady on October 15th, 2018, “technical cooperation on oil and gas.”

“Guyana presents world-class, deep-water petroleum prospects which offer business opportunities that align with Newfoundland and Labrador’s petroleum expertise and experience.  The development of potential partnerships between the two jurisdictions could serve to build strong business relationships, transfer technology, and skills development to support the growth of Guyana’s offshore oil and gas industry,” the Canadian High Commission said.

The diplomatic mission noted that Newfoundland companies have been servicing FPSOs for over 15 years and servicing rigs and drill ships for 40 years.

A 50-member trade mission from Newfoundland and Labrador is expected here from October 15 to 18, 2018 to through collaboration with the Guyana government, through the Guyana Office for Investment (GOINVEST). “Canadian companies are hoping to leverage partnerships with appropriate Guyanese businesses, and work with them to access opportunities in the oil and gas sector.”

Canada boasts that the experience of Newfoundland can be a great potential resource to Guyana in developing its offshore industry through working with experienced partners -government and private sector-, suppliers and service companies.

The High Commission said the trade mission would expose Canadian companies to the market opportunities, investment regime and qualified local companies.  The local support for the trade mission has been overwhelming.

“This highlights the willingness of Guyanese to partner with Canadians, which is largely due to the Canadian model of leveraging local partnerships through building partners’ capabilities to access together the opportunities in this nascent sector,” the mission in Georgetown added.