A delegation from the Guyana Oil and Gas Energy Chamber has paid a courtesy call on the Ghana Upstream Petroleum Chamber to deliberate on the prospects of a collaboration between both chambers.

With such a collaboration, Guyana will be able to understand the Ghanaian experience of an emerging oil and gas industry. This is strategic as well as crucial, since Guyana appeared in the oil and gas production scene only recently.

The President of the Guyana Oil and Gas Energy Chamber, Manniram Prashad commented:

“We are looking to discuss possible opportunities and share experiences that will be beneficial to our respective upstream industries.”
Manniram Prashad , President of the Guyana Oil and Gas Energy Chamber

The CEO of the Ghana Petroleum Chamber, Mr David Ampofo, thanked the delegation for the visit. He also expressed the hope that the relationship being struck, will inure to the benefit of oil and gas companies in both countries. Also, this will serve to ensure sustained contribution of the oil and gas industry to the socio-economic development of both countries.

To this effect, a memorandum of understanding spelling out areas of collaboration was agreed between the two upstream industry chambers.

This is not the first time for such a MoU signed by Guyana’s Oil and Gas Energy Chamber (GOGEC) and other chambers in other countries. According to the GOGEC, it recently signed a Memorandum of Understanding (MoU) with Kamer van Koophandel en Fabrieken of Suriname (the Suriname Chamber of Commerce and the KKF).

The aim of which was to collaborate in Joint Ventures (JVs) to facilitate and energize trade and economic activities between the two nations.

GOGEC poised to ensure Guyana’s oil discovery is a success story

Of recent, one of the significant oil find in Guyana was discovered by Exxon Mobil. This is despite the company’s oil production since 2019 offshore Guyana. With this new oil find, Exxon Mobil expects to produce 800,000 barrels of oil a day. This far surpasses estimates for Exxon Mobil’s entire oil and natural gas production in the south-western US Permian basin by 100,000 barrels in 2019.

Although suggesting a vast economic potential, this is amid growing energy transition risks which threatens to halt investments into the world of hydrocarbons as well as other environmental concerns associated with oil production.

But the government of Guyana, is bound to exploit its oil and gas deposits, as Guyana’s Vice President, Bharrat Jagdeo is on record to have disagreed with voices calling for a halt in future offshore development. He asserts “it’s totally unfair” to preach the “leave it in the ground” argument.

In order to foster economic development for Guyana and its population, the GOGEC operates around certain priority areas. These include ensuring that there are equal opportunities for all the operators and potential operators within the Industry. Also, by ensuring that revenue generated from the Industry contributes to sustainable economic growth and development of Guyana and all Guyanese.

Furthermore, the GOGEC exists to continually strive to enhance the chamber’s ability to better serve its members whilst operating as a self-sustaining, non-profit and a non-political organization. Also, GOGEC’s mandate is to promote trade, investments and knowledge transfer within the energy sector to all members and stakeholders.