Guyana provides a number of opportunities for investors within the energy sector, particularly with regards to petroleum, gas and hydropower generation.
Oil and gas deposits in Guyana’s offshore reserves are estimated at 2.2 billion barrels and 6 trillion cu. ft (28.3 billion meters approx.) respectively. These deposits occur in the Guyana Basin which covers the entire coastal region and extend 150 km out into the Atlantic Ocean. The UN International Tribunal ruling in September 2007, which is binding on both Guyana and Suriname, settled the maritime boundary dispute between the two countries paving the way for full exploitation of the hydrocarbon resources within Guyana’s Exclusive Economic Zone and Continental Shelf. At present there are four companies doing exploration work in Guyana Exxon Mobil, Repsol, Century Guyana Ltd. and CGX Energy Inc.
With its extensive river network and favorable topography, Guyana has promising potential for hydroelectric generation for both domestic consumption and electricity exports. To date, this potential is almost completely untapped. Currently, there are plans for a 100-MW scheme for Amaila Falls in western Guyana, with other sites with development potential.
The Government is also keen to develop alternative energy sources such as wind and solar power. For example, the Guyana Energy Authority is currently facilitating a foreign investor to construct a wind farm at Good Hope, which is expected to have an installed capacity of 12 MW.
The Petroleum Division of the GGMC is responsible for promoting Guyana’s petroleum potential, negotiating exploration contracts and monitoring all exploration activities.
The Office of the Prime Minister is responsible for policy making and regulatory functions related to the electricity sector. The Guyana Energy Agency (GEA) is responsible for developing and implementing national energy policy, and promoting energy efficiency and the development of new and renewable sources of energy. The GEA, along with GO-Invest is a key point of contact for persons or companies interested in investments in the energy sector.
The Private Sector Commission (PSC) was established in 1992 as a not-for-profit organization serving as an umbrella organization for the representation of the private sector, including Guyana’s private sector associations. Its principal mission is to unite the Guyanese private sector and serve as its advocate on issues of national importance, thereby asserting its strategic role in enhancing the business environment and the economic development of the country. The PSC aims to implement programs that improve the skills and talents of personnel on a sector-wide basis in support of the economy as a whole.
The PSC is the national antenna for a number of programs supporting private sector development, such as the Brussels based Centre for the Development of Enterprise (CDE), which is funded by the E.U. The CDE forms part of the general system of support that the European Commission (EC) created for promoting the private sector in order to combat poverty within African, Caribbean, and Pacific (ACP) countries. It also supports PROINVEST, an EU-ACP partnership program developed and undertaken by the EC on behalf of ACP countries to promote investment and technology flows to enterprises within key sectors of ACP states.
Currently, the PSC is playing a key role in the ongoing development of the National Competitiveness Strategy.