GEORGETOWN, Guyana, President Dr. Irfann Ali has invited investors from China to capitalize on the country’s oil industry, with 14 oil blocks being auctioned this year.
During an interview with China’s state-run CGTN, the President pointed to the deep ties between the two countries, noting that China has been a critical developmental partner for years.
Ali also stated that Guyana seeks to ramp up activity in its nascent oil and gas sector while supporting other sectors of the economy.
Part of those efforts includes the auction of oil blocks offshore this year.
“We encourage China to participate in the public process… the bidding process,” President Ali said.
“We will be auctioning off several new blocks, and we hope many firms worldwide will participate in that process.”
The bid round for 14 new oil blocks was launched last December and is expected to close by April 2023.
Guyana’s government hopes to award contracts by the end of May 2023.
The oil blocks on auction are for shallow and deep water areas.
Outside of the auction, President Ali said that Guyana is developing its natural gas resources and hopes that Chinese investors will be part of that process.
The President also noted that the government does not believe that the development of Guyana’s oil and gas resources conflict with the country’s low-carbon ambitions.
He also said that Guyana is keen on avoiding the resource curse- though it doesn’t believe that the problem to be concerned about has abundant resources. Instead, he said the mismanagement of those resources is a problem. Guyana, he said, is keen on managing these resources well.
“You must go on a wild spending spree. You have to exercise sound judgment (and) good fiscal responsibility.
“It is not a resource curse. It is a blessing,” he said.
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