Technology Conference allowed for closer ties between Guyana, American businesses – AmCham
The Offshore Technology Conference (OTC) has been hailed as a success by the American Chamber (AmCham) of Commerce of Guyana, which fielded a team to the three-day event in Houston, Texas.
In a statement, AmCham explained that a number of partnerships were forged between Guyanese and American businesses during the OTC. According to the Chamber, participation in the conference was important.
“The relationships and partnerships that have been forged over the past few days through the Chamber will not only introduce incredibly-beneficial opportunities to the many investors but also play an integral role in strengthening the relationship between Guyana and the United States,” it noted.
With Guyana now being termed an “oil and gas hotspot”, AmCham Guyana’s representation of its members at this year’s OTC was vital to fostering investment in Guyana.
The OTC was held at the NRG Park in Houston, Texas, from May 2 to May 5, 2022, with AmCham taking part in the event for the second consecutive year. Its delegation was led by Chamber President Devindra Kissoon, Vice President Shyam Nokta, and Immediate Past President Zulfikar Ally.
AmCham Guyana’s presence at this year’s conference saw participation from numerous members, including Chris Mohan and Peter Patience representing CCA Guyana Inc, Terry Singh representing JAPARTS Source One, and Dallas Thomas and Keiron Brathwaite representing Praetorian Executive Protection Services Inc.
Other persons who attended were Uchenna Gibson representing HFS Corporate Services, Ayanna Watson and Earl Carribon representing SOL Guyana Inc, and Abbas Hamid representing Vitality Inc.
Representatives of the AmCham Guyana Secretariat – Business Development Officer Sarah Shaffie and Executive Assistant Tandi Rampersaud were also able to promote the services of other member companies at the OTC, including PasCargo Guyana Inc, Tagman Media Inc, Rafeek and Moore Licensed Customs House Brokers and Logistics, and ActionINVEST Guyana Inc.
The OTC was founded in 1969, and forms a series of conferences and exhibitions focused on exchanging technical knowledge relevant to the development of offshore energy resources, primarily oil and natural gas.
At the 2019 OTC, the Guyanese delegation was the recipient of interest from a large number of major players in the oil and gas industry worldwide. At that time, Guyana’s participation at OTC was funded by Private Sector sponsorship, along with approximately 20 per cent funding from the Government. This year, Guyana’s presence at the conference was said to have generated much interest.
Guyana, with US oil giant ExxonMobil as the operator, began producing oil on December 20, 2019, in the Stabroek Block. Guyana’s oil revenues are being banked in the New York Federal Reserve Bank, where it is earning interest.
ExxonMobil has established an ambitious oil exploration plan for offshore Guyana.
Norwegian oil and gas consultant Rystad Energy, last year in an analysis, had said that Guyana, with oil giant ExxonMobil as the operator, had accounted for 70 per cent of proven new oil reserves belonging to major oil companies over the past five years.
This was even as the world’s largest oil exploration companies run out of proven oil reserves.
According to the consultant, new oil reserves among Big Oil, which comprises companies such as ExxonMobil, BP, Shell, Chevron, Total and Eni, have fallen. However, Exxon has come out ahead of its peers, thanks to Guyana. (G3)