Oil and gas investors signal preference for new administration – Harmon

Jul 14, 2015 News

With Guyana preparing to reap the benefits of the ExxonMobil oil operations, international investors are taking the opportunity to get on board.
Several oil and gas executives met with Minister of State, Joseph Harmon, yesterday at his Shiv Chanderpaul Drive office.
The investors, according to a release from the Ministry of the Presidency, told Harmon that despite possible challenges, Guyana is now at the crossroads and has a unique opportunity to grow economically through international investments.
The visit would come weeks after US-owned ExxonMobil confirmed that it has found significant evidence of oil as a result of exploration efforts in its offshore concessions. The discovery has raised significant interest in Guyana.
“The businessmen indicated that they have strong beliefs in doing business legally and ethically – thus their reasons for choosing to do business under the David Granger administration.
The investors made it clear that they would not have come to Guyana to operate the way business was done under the previous administration.
They feel that Guyana is now in an era of legality, honesty and transparency that will attract more overseas investors.”
Minister Harmon told the group of executives that Government’s and President Granger’s intention is to create a level playing field for business, taking Guyana in a direction that facilitates business that is neither characterized nor tainted with the kind of corruption that Guyana has become accustomed to from certain types of investments seen before.
“He noted too that it is the President’s intention to ensure that business in Guyana is facilitating, and that firmer business arrangements and business connections are established with the US.” Harmon also explained that the establishment and appointment of a Minister of Business supports Government’s intention of having a strong, legitimate and thriving business sector.
“The Minister welcomed the investors and committed to ensuring that doing business with the international community is facilitated in an orderly and proper manner.”
The oil discovery has also seen neighbouring Venezuela now reviving its age-old land claims and even claiming a part of Guyana’s waters.
The matter is engaging the attention of CARICOM and the United Nations.