Guyana’s President Dr. Irfaan Ali has invited traders from China to benefit from the nation’s oil business with 14 oil blocks up for public sale this yr.
The president, throughout an interview with China’s state-run CGTN, pointed to the deep ties between the 2 international locations, noting that China has been an necessary improvement associate for years.
Ali additionally said that Guyana is seeking to improve exercise in its nascent oil and fuel sector whereas supporting different sectors of the economic system.
– Commercial –
A part of these efforts embody the public sale of oil blocks offshore this yr.
“We encourage China to take part within the public course of … the bidding course of,” President Ali mentioned.
“We will probably be auctioning off numerous new blocks, and we hope that many corporations world wide will take part in that course of.”
The bidding spherical for 14 new oil blocks was launched final December and is predicted to shut in April 2023.
The Authorities of Guyana hopes to award contracts by the tip of Could 2023.
The oil blocks on public sale are for areas in shallow and deep water.
Outdoors the public sale, President Ali mentioned that Guyana is growing its pure fuel assets and that they hope Chinese language traders will probably be a part of this course of.
The President additionally famous that the federal government doesn’t imagine that the event of Guyana’s oil and fuel assets is in battle with the nation’s low carbon ambitions.
He additionally mentioned that Guyana is eager to keep away from the useful resource curse – though they do not actually imagine that the issue to be involved about is having ample assets. As an alternative, he mentioned, it’s the mismanagement of those assets that may be a drawback. Guyana, he mentioned, is eager to handle these assets properly.
“You must go on a wild cash trip. You must train logic (and) good monetary accountability.
“It isn’t a useful resource curse, it is a blessing,” he mentioned.