Sep 19, 2020 News
Following his engagement with US Secretary of State, Mike Pompeo, President Irfaan Ali announced yesterday that the USA and Guyana will be deepening bilateral relations in the energy sector. Expanding further, the Head of State said that a framework agreement towards this end was signed between the U.S. Government and the Government of Guyana to strengthen energy and infrastructure finance and market building cooperation in the context of the Growth in the Americas initiative. Ali said this agreement will stimulate the enhancement of the business environment for U.S. private sector investment in Guyana, particularly in the fields of energy, both unrenewable and renewables, and infrastructure.
Ali said, too, that the agreement will pave the way for the U.S. private sector to expand their investment portfolio and partner with the Guyanese private sector. Ali said, “This partnership will help to meet our broader infrastructure and downstream development needs and, by extension, drive economic growth and development as well as job creation.”
The oil and gas industry is usually divided into three major sectors: upstream, midstream and downstream. The upstream sector includes searching for potential underground or underwater crude oil and natural gas fields, drilling exploratory wells, and subsequently drilling and operating the wells that recover and bring the crude oil or raw natural gas to the surface. While Guyana is still at this stage, the Ali administration has signaled by way of this agreement with the USA, that it will be taking Guyana into the downstream sector too. This industry includes the refining of petroleum crude oil and the processing and purifying of raw natural gas as well as the marketing and distribution of products derived from crude oil and natural gas.
Research also indicates that the downstream sector reaches consumers through products such as gasoline or petrol, kerosene, jet fuel, diesel oil, heating oil, fuel oils, lubricants, waxes, asphalt, natural gas, and liquefied petroleum gas (LPG) as well as hundreds of petrochemicals.
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