“We welcome Canada’s increasing interest in Guyana’s oil & gas” – Pres Ali

…hails Canadian contributions, investments in Guyana on Canada Day 2025

Canada’s growing involvement in Guyana’s oil and gas sector was welcomed by President Dr. Irfaan Ali during a Canada Day celebration hosted by the Canadian High Commission on Tuesday evening.

The event, held at the official residence of Canadian High Commissioner to Guyana, Sébastien Sigouin, marked Canada’s 158th anniversary and brought together government officials, diplomats, and business leaders.
In his keynote address, President Ali described Canada as a “valued partner” to both Guyana and the wider Caribbean. He highlighted several areas of cooperation between the two countries, including trade and investment, and noted Canada’s consistent support for the region’s development.
Among the key partnerships he cited was the extension of the Caribbean-Canada Trade Agreement (Caribcan) until December 31, 2033, which provides duty-free access for eligible Caribbean exports to the Canadian market. He also referenced the renewed Memorandum of Understanding between Guyana’s Ministry of Finance and the Canadian Commercial Corporation (CCC), aimed at strengthening economic cooperation.
President Ali used the occasion to emphasize Guyana’s openness to strategic partnerships, particularly in the energy sector, and noted that Canada’s increased interest in the oil and gas industry signals confidence in Guyana’s investment climate.
“In the economic sphere, our ties are growing stronger every year. We welcome the extension of the Caribcan trade agreement, until 2033. This will provide greater predictability and enhance our trade relations, something that is more vital now than ever,” President Ali explained to the attendees.
“The recent MOU, signed with the Canadian Commercial Corporation, is another positive step. And we expect it to further streamline and strengthen our procurement process. Canada remains a major investor in our mining sector. And we welcome your increasing interest in our oil and gas industry.”
That being said, the President noted that beyond these sectors, there is untapped potential for Canadian businesses to explore in agriculture, climate smart technology, infrastructure, public housing, eco-tourism.
Country to country
Country to country oil and gas collaboration is something that the People’s Progressive Party/Civic (PPP/C) government has been open to. Among the countries that have expressed an interest in joint oil collaboration are India, which
Only last month, Indian High Commissioner to Guyana Dr Amit Telang had confirmed that his country is ready to consider joint ventures in Guyana’s booming oil and gas sector, underscoring that energy is just one part of a rapidly deepening partnership between the two nations.
As a matter of fact, last year India’s Prime Minister, Narendra Modi had signed several bilateral agreements with Guyana in a number of areas, including a Memorandum of Understanding (MoU) for Cooperation in the Hydrocarbon Sector.
India, the world’s third largest oil consumer and importer as well the one of the biggest oil refiners, has been looking to diversify its crude sources. Back in 2024, the Indian Government had indicated that it is pushing for a long-term partnership with Guyana as the two countries ink a cooperation agreement that opens up a host of opportunities for collaboration.
Guyana currently has an estimated 11.6 billion barrel of oil equivalent in the prolific Stabroek Block, where United States oil major ExxonMobil along with its co-venturers has been producing oil since 2019. Exploration activities are also ongoing in other oil blocks offshore Guyana.

Other investments
Meanwhile, Canadian companies do have a significant presence in Guyana’s mining sector, a fact that was alluded to by President Ali in his Canada Day address. According to the President, these investments by Canada, along with its investments in social areas like healthcare, are all important components of relations between the two countries.
“Canada’s contribution to Guyana’s development has been generous and enduring. They have partnered with us in improving our healthcare system, particularly in areas like maternal and child health, mental health and indigenous communities,” President Ali further said.
Some Canadian gold mining companies who are no strangers to Guyana include Reunion Gold, which has its Oko West Project in the North West of Guyana and Barrick Gold. Aurora Gold Mine, another Canadian company, was at one time the largest gold producer in Guyana.
Operating out of the Guyana Goldfields in Region Seven, the company was producing over 120,000 ounces of gold in 2019. However, in 2020 the company sold its operations to Chinese mining company Zijin Mining, after another Canadian mining company, Silvercorp, was unable to close the deal.