– as Newfoundland & Labrador Minister shares oil experiences
By Jarryl Bryan
Guyana on Monday cemented its diplomatic relations with Canada, following Newfoundland and Labrador Natural Resources Minister Siobhan Coady signing a business cooperation agreement with the Government.
Business Minister Dominic Gaskin with Newfoundland and Labrador Natural Resources Minister Siobhan Coady after signing the agreement
The agreement was inked between Coady and Business Minister Dominic Gaskin at the Ministry of the Presidency. After signing the agreement, Gaskin noted the importance of Guyana being able to benefit from the wisdom and expertise of oil-producing States.
“It’s important for Guyana; that we do develop long-term relations and partnerships with partner Governments, with partner organisations and as we explore the oil and gas sector, with which we are not too familiar, it’s, therefore, important that we benefit from the experiences of those who have done this before,” Gaskin said.
For her part, Minister Coady noted the opportunity her state has to share its experiences. According to Coady, Newfoundland and Labrador made it a mission to work with other countries in its early days of oil production. Now, she noted, they were doing their part to continue the cycle of knowledge transfer.
“We’re here today to work with you to give you the experiences that we have so that you can build and grow your opportunity here in Guyana,” the Minister, who arrived along with a 50-member trade delegation, said.
Guyana Times was able to get a look at the Memorandum of Understanding (MoU), which provides for the two parties to facilitate economic cooperation and business opportunities in both countries. This, the agreement notes, will be done by way of reciprocal visits to both jurisdictions by industry and Government representatives.
The agreement also speaks of establishing a Joint Working Committee that will be responsible for developing and coordinating an annual work plan, which will come into being within 30 days of the agreement being signed. Annual review meetings will alternate between the two.
“Parties to this agreement will continue to have the ability to independently determine and pursue their own domestic objectives and priorities. Collaboration under this agreement and the work plan will be realised in accordance with the laws, regulation, and policies of each jurisdiction,” the MoU states.
Shared experiences
Later, Coady met with media operatives and shared how her province used its oil revenue to better the living standards of its citizens. She emphasised the need to ensure citizens benefit from the wealth that oil brings.
In her province’s context, this meant much of the money went to the people through avenues such as improved education. She noted at least three basic principles should be covered when it came to looking out for citizens.
“Regulations around safety and environmental regulations… that is very important; the people of Guyana will expect that. You’ll also want to ensure that you have a good system to ensure the benefits accrue to the people of the country. I know (Guyana) is working on those things.
“I would say, thirdly, ensuring that you have a good knowledge of where you want the development to do for your country. So, if I was to say, those would be the three things. Safety, security, environmental protection, ensuring the benefits and the royalties accrue to the people and how will you develop your industries,” she said.
At present, over a dozen Canadian companies are in Guyana as they look for opportunities to partner with local businesses. In fact, this publication was informed that at least two have concluded negotiations with locals in order to sign partnerships of their own. A symposium that will feature presentations on Newfoundland and Labrador’s oil sector is also planned for today.
With several Canadian companies already involved in oil and natural gas exploration activities in Guyana, the visit by the Newfoundland and Labrador Natural Resources Minister provides yet another indication of Canada’s interest in playing a pivotal role in Guyana’s oil and gas sector.
It was only recently that Guyana and Trinidad and Tobago signed a MoU on energy sector cooperation, which saw T&T Prime Minister, Dr Keith Rowley visiting Guyana for the first time with a delegation of Cabinet Ministers.
