In an unprecedented economic boost, Guyanese-owned businesses in the oil and gas sector showcased their prowess by generating an impressive sum of over US$322 million during the first half of 2023.
As the global oil and gas industry witnesses significant transformations, Guyana, often termed the new frontier for oil exploration, has emerged as a central player. With its abundant offshore reserves, the country has garnered international attention, with several major energy companies establishing operations.
Yet, amidst the influx of international corporations, the success story lies in the local businesses, which have harnessed the burgeoning industry’s opportunities. The figures indicate robust participation of local stakeholders in the national oil bonanza, emphasizing the importance of capacity building and sustainable revenue channels for the domestic economy.
Experts believe that integrating local content into the industry has been a game-changer, ensuring that the wealth generated benefits international giants and trickles down to foster local entrepreneurship and employment—more details from Shemar Alleyne in the following report.