President Dr. Mohamed Irfaan Ali on Thursday pledged to strengthen Guyana’s ability to market its rapidly growing oil output, announcing plans to work with local businesses and international partners to develop the expertise needed to trade its crude.
Since production began in late 2019, Guyana has relied on foreign traders to market its share of oil, with UK-based firms BB Energy and JE Energy most recently awarded contracts. But Ali, speaking at a Georgetown Chamber of Commerce and Industry (GCCI) event, said his administration wants to accelerate efforts to bring those skills home.
“We must be able to trade our crude oil from Guyana with the infrastructure, with the human capital, and with the market skills,” Ali said. He suggested that partnerships with international firms could help transfer knowledge over the next three to five years until the country can manage its marketing independently.
Vice President Dr. Bharrat Jagdeo, at a separate press conference Thursday afternoon, added that the private sector could also play a role. “The private sector itself may be able to develop some capacity here. So, maybe they can sell services to the government,” he said.
“These are the bold ideas that will take us from where we are to where we want to be,” Ali added in his GCCI address.
Guyana, the world’s fastest-growing offshore oil producer, currently pumps more than 600,000 barrels of oil per day from the ExxonMobil-led Stabroek Block. ExxonMobil expects output to climb to 1.7 million barrels per day by 2030.
