OTC 2024: Investment opportunities in Guyana, energy strategy take centre stage

…as Guyana’s delegation makes investment pitches

At the 2024 Offshore Technology Conference (OTC) in Houston, Texas, where countries from all over the world fielded representatives to showcase what their oil industries had to offer, Guyana’s interests took center stage as the country was represented from both public and private sector officials.
This year’s OTC is being held from May sixth to the ninth, in Houston’s NRG Stadium, under the theme “Leading the Global Energy Evolution.” Guyana’s delegation to the conference was led by Minister within the Ministry of Public Works, Deodat Indar, who made a presentation at the Bilateral Chamber.
The minister used the occasion to promote Guyana’s investment interests and energy strategy, as well as field questions on foreign direct investments. In his feature remarks, Indar also provided insight into Guyana’s economic transformation.
The stage was shared with Retired Four-Star US General Wesley Clark who also served as North Atlantic Treaty Organisation’s (NATO) Supreme Allied Commander. General (ret’d) Clark is also a former US presidential candidate. Following the event, Indar attended a ‘Guyana Night’ reception where he was presented an instrument by the City of Houston to welcome Guyana’s participation at the OTC.
“The instrument was handed over by Houston’s Mayor Pro-Temp, Martha Castex-Tatum at the reception hosted by Guyana’s Honorary Consul General of the Southwest United States, the Honorable Lutfi Hassan,” a statement from the minister said.
The delegation also included Guyana Office for Investment (GO-Invest) Chief Executive Officer Dr Peter Ramsaroop, President of the Georgetown Chamber of Commerce and Industry (GCCI) Kester Hutson and Guyana Oil and Gas Energy Chamber (GOGEC) President Manniram Prashad.
Also in attendance was President of the Women’s Chamber of Commerce and Industry, Rowena Elliot; representatives of the Guyana-Suriname Chamber of Commerce and Industry and GCCI Vice President Richard Rambarran, among others.
During the conference, the GO-Invest CEO was also hosted by non-profit organisation Greater Houston Partnership. Ramsaroop gave a presentation on investment opportunities in Guyana, as well as Vision 2030 as formulated by the PPP government.
This vision encompasses infrastructural, human, technological and social transformation. He also spoke to Guyana’s plans for economic diversification, international relations, sustainable and equitable development, environmental responsibilities and security.
Other attendees included Vice President, International Investment & Trade of the Greater Houston Partnership, John Cypher and Honorary Consul of Guyana in Houston, Syed Hassan, along with officials from the GCCI including Mr. Hutson and Mr. Rambarran. Additionally, Senior Director of Global Energy Transition, Greater Houston Partnership’s Sara Muhammad Malik and President and CEO, Centre for Houston’s Future, Brett Perlman, were also present.
Following last year’s OTC, a number of success stories had come out of the previous conferences, including the partnerships formed, and have called on the private sector to establish consortiums in preparation for the next event.
During a press conference at the time, Ramsaroop had highlighted some of the success stories from previous OTC’s, such as Guysons Engineering Limited, which formed a US$60 million joint venture partnership with United States equipment manufacturer K&B Industries.
It was recommended that the private sector form partnerships, especially in non-oil sectors such as agriculture and renewable energy. Ramsaroop had also challenged the private sector to collaborate to take advantage of the stream of opportunities that will come their way. Further, he touched on the role that the GCCI can play, in steering international companies towards local partners.
The OTC serves as a vital forum for offshore energy industry stakeholders to exchange ideas and explore innovative technologies, with Guyana participating for its fourth consecutive year. During last year’s conference in May, Guyana participated through a collaboration between GO-Invest and 40 private sector companies, with over 100 participants in the delegation that went up to Houston, Texas for the conference. (G3)