GOGEC celebrates growth of Guyana’s oil and gas sector

…inducts new members

The Guyana Oil and Gas Energy Chamber (GOGEC) held its Annual Awards and Induction Dinner for 2024 on Monday evening, welcoming key stakeholders in Guyana’s growing oil and gas industry. The event, attended by President Dr. Irfaan Ali, senior government ministers, diplomats, and private sector leaders, highlighted the remarkable progress of the country’s oil and gas sector and its vital role in driving economic growth.

President of GOGEC, Manniram Prashad in his address welcomed the new members inducted into the chamber and emphasised the importance of the oil and gas sector in Guyana’s development.

He commended President Ali’s administration for its effective leadership, particularly in the implementation of key policies that have transformed the industry.
Prashad highlighted several key achievements of the government since 2020, including the implementation of the Local Content Act and the amendments to the Natural Resource Fund Act. He pointed out that these measures align with international best practices and have laid the foundation for a sustainable and responsible oil and gas sector. Prashad also mentioned the passing of the Petroleum Activities Act, which modernized the regulatory framework for the sector.
He also noted the projected value of local content spending, which is expected to reach US$1 billion by the end of 2024. This progress, he noted, is a direct result of the Local Content Act, which has fostered the participation of local businesses and workers in the industry.
Looking ahead, Prashad underscored the country’s future economic prospects, particularly in light of the anticipated increase in oil production, which is set to exceed one million barrels per day by the end of the decade. This growth will likely boost private consumption, investment in infrastructure, and employment, all of which will contribute to an improved standard of living, especially for vulnerable communities.
GOGEC also reaffirmed its commitment to investing in Guyana’s future workforce. Prashad shared that the chamber has trained over 2,200 students from around 90 schools through its oil and gas educational programs, supported by GOGEC members. This initiative, which has an investment of approximately $20 million, is designed to equip the next generation with the skills needed to thrive in the sector.
In collaboration with institutions like the University of Guyana and the Government Technical Institute, GOGEC is helping young Guyanese gain the technical expertise necessary to succeed in the oil and gas industry. President Ali’s support for these training initiatives was also highlighted as a crucial factor in preparing the country’s workforce for the future.
Another highlight of the evening was the recognition of the 2024 awardees, who were honored for their outstanding contributions to the development of the oil and gas sector. Prashad applauded their innovation and dedication, acknowledging their role in setting industry benchmarks and inspiring others in the sector.
In addition, GOGEC’s role in representing Guyana on the global stage was emphasized, with the chamber’s participation in the Offshore Technology Conference in Houston, Texas, serving as a prime example of the country’s growing influence in the global energy sector.