Sunday 5 July, 2020

T&T, Guyana to sign MoU for gas sector development

Guyana has welcomed technical assistance from Trinidad and Tobago in developing an oil and gas sector there.

Energy Minister Nicole Olivierre made the revelation while speaking at Thursday’s post Xabinet media briefing at the Office of the Prime Minister, St Clair.

The Minister met with Guyana President David Granger and Minister of Mineral Resources Raphael Trotman while on official visit to Guyana late August.

She was visiting the country on behalf of the TT Government, to express its willingness to offer technical support to Guyana as it embarks on developing its oil and gas sector. Guyana recently discovered oil in commercial quantities, with at least two wells each possessing the production capability of 10,000 barrels per day.  

She told reporters present at the briefing that Granger was receptive to the offer and requested support and cooperation in the areas of education - with emphasis on engineering and technical studies, infrastructure development, and agriculture – particularly in the area technology and ecotourism.

“As you know, Guyana has a huge diversity of flora and fauna and there’s great potential for them to develop an ecotourism industry,” the Minister stated.

She indicated that work has already begun in drafting the Memorandum of Understanding (MoU) to allow for the partnership.

It’s expected that a delegation representing Guyana’s private and public sector will visit this country to view the operations and facilities available in T&T.

Options for monetising natural gas, commercial and fiscal arrangements in the oil and gas sector, learning from T&T in the development of local content and training of industry practitioners are some of the specific areas of interest, Olivierre revealed. She added that government will provide guidance to ensure that the Guyana government does not make mistakes this country would have made in developing its own oil and gas sector. 

The Minister says the “mutually beneficial” partnership is one of its manifesto promises and demonstrates a level of commitment between CARICOM neighbor states.

“It provides an opportunity for our private sector to partner with the private sector of Guyana and assist in their capacity building.”

The MoU is expected to be executed by November. 

Prime Minister Dr Keith Rowley indicated that a Heads of Government Intercessional Meeting will be held in Guyana in February 2017 to discuss the revitalisation and return to the single market economy. 

He noted that oil production in T&T continues to plummet and explained how the partnership between this country and Guyana would be mutually beneficial. 

"We have just spent a large sum of money in upgrading our refinery in the expectation that we would have been able to be refining more crude - our own and import and to the extent that we have refining capacity in Trinidad and Tobago and Guyana has crude, especially crude found by a company (Exxon) whose core business is not refining, it may very well be that the possibility might exist for Guyana's crude to be refined in Trinidad and Tobago." 



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