Canadian envoy tells Corentyne… : Prepare for unbelievable prosperity flowing from the oil & gas industry
Written by Telesha Ramnarine
Saturday, 20 October 2012 21:27 -- Source
BY virtue of its geography, Berbice is ideally suited to maximise on peripheral industries that evolution of the oil and gas sector can generate, but the right systems must be put in place to capitalise on the many opportunities that will result in great benefits for that county. Canadian High Commissioner, David Devine uttered these sentiments when he recently addressed the Central Corentyne Chamber of Commerce Dinner and Awards Ceremony in the presence of its President, Leekha Rambrich, directors of the board, and members of the chamber.
Devine’s entire speech was focused on development preparation and creating opportunities for businesses in Berbice, and he expounded on the prospective impact that Region 6, and more broadly Guyana, can experience with the growth in the extractive sectors, specifically oil and gas exploration.
“It is very important to ensure that the current window of opportunity is not wasted,” he said, while urging the private sector to seize the opportunities flowing from exploitation of natural resources to optimally maximize the development of Guyana.
“Guyana is on the cusp of potentially discovering significant quantities of oil and natural gas. With this discovery, Guyana will be presented with a unique chance to generate revenues needed to invest in education, health and infrastructure, with a view to alleviating poverty,” Devine observed.
An Oil and Gas Sector in Berbice would give rise to new career fields and prospects becoming available to residents, he noted.
“There are an estimated 116 secondary industries -- that can vary from catering to accounting, to health care provision, environmental management, laboratory analytical support, and a host of logistical and supply services -- which support the intense activities that are involved in the oil and gas sector. Additionally, the potential for job creation in Berbice will expand tremendously.”
Devine believes that Guyana is on the verge of realizing an opportunity of immense proportions, and the vast reserves of hydrocarbons in the offshore basin represent the promise of a better future for all Guyanese.
“Properly managed, the benefits of developing the offshore can be shared by all sectors of society.
“Guyana, and indeed Guyana’s local industry, will need to take the steps to prepare for the benefits this resource can bring.
“Examine the type of work that your business is in, and see how you can incrementally grow to meet the needs of the oil and gas industry as it is being developed. The investment may not be large, so you can control and minimize your risk; but it must keep pace with the expansion, over time, of the industry.”
Devine said he is encouraged by the vision and foresight displayed by the government and stakeholders, who no doubt recognize that realizing the benefits of the offshore is all about partnerships.
“Berbice businesses, as key stakeholders in Guyana’s economy, will need to start thinking about partnerships, and how they can position their companies to reap the benefits. I would like to issue a challenge: What will you do to help shape the coming opportunity to make a better Guyana? Like government, the private sector has a role in shaping Guyana's future,” he declared.
According to Devine, the oil and gas sector is one of the most profitable industries in the world, but a successful industry depends on several variables. Some of these are implementation of effective policies, and legislation to ensure sustainable development of the gains from the oil and gas sector for benefit of the people; open and transparent mechanisms to manage the gains of the sector in an equitable manner; local industry preparation to effectively position businesses to exploit the multitude of opportunities that are created in support of an oil and gas sector; and a greater understanding and awareness by stakeholders of the importance of the sector in Guyana.
