(CMC) – A 50-member delegation from the Canadian province of Newfoundland and Labrador is ending a four-day trade mission here signing more than 12 agreements mainly in the oil and gas sector.
There are a lot more activities and a lot more oil finds here now which makes it a lot more prolific and exciting. Not only for Guyanese people but for oil and gas industry businesses around the world; to try to figure out if there is a place here or not to partner or joint venture with local companies,” said Michael Critch, a member of the Board of Directors, of the Newfoundland and Labrador Oil and Gas Industries Association (NOLA).
Critch said representatives of more than 25 companies visited a number of local entities to partner with them in the interest of forming joint ventures, and to transfer knowledge and skills for the oil and gas sector.
He said with 12 Memorandums of Understanding (MoU) being signed already, he is hoping to see more partnerships and relationships coming out of the trade mission. He noted the level of interest in the local oil and gas sector has increased profoundly.
“Our delegation has grown significantly from last year to this year with the number of companies coming, and it’s doubling. The interest from Guyanese and Guyanese businesses has increased profoundly,” Critch said.
He said that the partnerships will contribute to developing local content given NOLA’s experience in the oil sector.
“It cannot be unsaid that along with the direct benefits and the direct jobs and the direct companies doing services, there are indirect services and people that are required all through the local industry and companies.
“There will be a lot of spinoff work that will create infrastructure here in Guyana to be able to serve the industry, and then there will be infrastructure built to serve the people that are serving the industry directly. So, the industry will touch just about every Guyanese in some way, shape or form; it may be directly or not.”
Earlier this month, the government and Newfoundland and Labrador signed a MoU in the area of oil and gas development with the authorities said it builds on over 200 years of trade relationships between Guyana and Newfoundland and Labrador.