Minister of Business, Dominic Gaskin, signed a Memorandum of Understanding (MOU) today on enhanced cooperation and collaboration in the area of oil and gas development, with the Minister of Natural Resources from Newfoundland and Labrador, Siobhan Coady. The MoU will pave the way for Guyana to benefit from the learning experiences of the Canadian province of Newfoundland and Labrador which has more than 30 years in oil and gas production and exploration.

In his brief remarks, Minister Gaskin said building longstanding partnerships is important, given Guyana’s newness in the oil and gas industry. “I think it becomes all the more important that we benefit from the experiences of those who have done this before,” Minister Gaskin said.

Minister Coady also stressed the importance of partnership in maximizing opportunities in oil and gas.
“We’re here today to work with you to give you the experiences that we have so that you can build and grow your opportunity here in Guyana,” Minister Coady said.

The Ministers noted that a working committee will be established as part of implementing the three-year MoU.

Today’s signing also marks the beginning of a trade visit by a Canadian and the Province of Newfoundland and Labrador trade mission in Guyana. The trade mission will see some 50 persons from the province’s offshore oil and gas industry seeking to market opportunities, investment regime, and partnership with local companies. The trade mission is in collaboration with the Guyana Office for Investment (GO-Invest) and will conclude on October 18.


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