GEORGETOWN, February 18, 2025 – The Georgetown Chamber of Commerce and Industry (GCCI) is continuing its efforts to ensure that members benefit from the energy sector and are up-to-date on all developments in the industry. The Petroleum Committee, which is at the forefront of this effort on February 17 hosted Minister of Natural Resources, Hon. Vickram Bharrat who made a presentation to members on the pace of development in the oil and gas industry and provided insights into regulatory matters surrounding the sector.
This meeting was held in the Chamber’s boardroom and Minister Bharrat stated that these engagements are important, particularly since they provide the platform to discuss how Guyanese are supporting the sector, planned developments, and how local enterprises can be part of the development in the oil and gas sector in Guyana. The minister updated members on operations in the various offshore blocks, including the Stabroek, Canje, Kaieteur, and Orinduik Blocks. He reminded attendees that the ONE GUYANA floating production, storage, and offloading (FPSO) vessel will arrive in Guyana by June and be operational in the last quarter of the year. “The average production right now is around 640,000 barrels per day, that is with three FPSOs—Unity, Destiny and Prosperity,” he stated, later adding, “By 2028, we will have six FPSOs producing.” He noted that there are currently five drill ships exploring the Stabroek Block, also sharing that as exploration moves further south of the Stabroek Block, more gas is being encountered.
On the regulatory front, Minister Bharrat reiterated the government’s position against ‘fronting’, while encouraging local companies to form consortiums and partnerships to access more opportunities. “This is just the beginning, there are many more opportunities coming especially when exploration starts in the other blocks and when we start production in other blocks as well,” he stated, adding that the government is committed to updating the Local Content Schedule to allow for more benefits to Guyanese.
Senior Vice President of the GCCI and Chairperson of the Petroleum Committee, Mrs. Kathy Smith in her remarks stated, “Since the discovery of oil, the GCCI has been resolute in its efforts to ensure that Guyanese benefit from this discovery. In fact, our advocacy has led to the establishment of the Local Content Act where we see that Guyanese are being prioritised in terms of hiring, training, and in the form of being suppliers to the industry.”
She stressed that the Chamber’s goal is to ensure that members have a thorough understanding of the industry, what the government is doing, and how they can benefit from the industry while supporting its development. The Senior Vice President also outlined the numerous initiatives that the GCCI is undertaking to achieve its objective of supporting local content development.
