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Please note: This event finished on 04 July 2019

As one of the few major new conventional oil regions discovered this century, Guyana is set to be transformed over the course of the next decade, with the country predicted to emerge as a top per capita producer of oil.

Agenda

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As one of the few major new conventional oil regions discovered this century, Guyana is set to be transformed over the course of the next decade, with the country predicted to emerge as a top per capita producer of oil. Discoveries in Guyana mark an important find for the global industry, with their medium-light crude filling a hole in the global crude oil market, and sparking an increased interest in oil from majors who have increasingly focussed on gas and shale in recent years. With estimated production costs of approximately $46 per barrel sitting well below current oil prices, and predicted annual gross oil revenues of $13 billion by 2025, Guyana is also proving increasingly competitive.


The Guyana Oil & Gas Economic Summit will serve as a platform to navigate this developing market, bringing together oil and gas operators, regulators, investors, tier 1 contractors, and service companies, to advance the establishment of Guyana’s oil and gas sector, and to strategize for how Guyana can best harness the economic benefits of an established oil and gas industry.

Sessions One and Two

Session 1 - Policy & Outlook

In the face of a newly emerging industry, this session will evaluate the policy initiatives shaping the direction of the Guyanese oil and gas industry. Discussion will consider government forecasts, regulations, strategic partnerships, and building a domestic and global market for Guyanese oil & gas.

Schedule:

  • 9:05 Charis Opening address
  • 9:10 His Excellency Frederick Hamley Case, Guyana’s High Commissioner to the United Kingdom Opening address
  • 9:15 Dr Mark Bynoe , Head of Energy, Department of Energy of Guyana

    Title: An Emerging Hydrocarbon Industry - Catalyst for a Green Economy
  • 9:35 Greg Quinn, British High Commissioner to Guyana

    Title: Guyana: Opportunities and Challenges

    My remarks will provide an overview of the likely impacts of oil and gas on Guyana, as seen by the British High Commission. It will also highlight the opportunities generated by revenue from oil and gas, as well as the challenges. The opportunities include how to grow the wider economy, as well as developing local skills and capacity. Challenges will include a look at some of those capacity issues, how to manage oil wealth, and how to deal with local content. Finally I will look at the opportunities for the UK and the current status of government and business links between both countries.
  • 9:55 Dr Daniel Wilde, Economic Adviser, Natural Resources, Commonwealth Secretariat, Commonwealth

    Title: ‘The likely impact of oil production on macroeconomic policy and fiscal policy in Guyana’

    The presentation will:
    a.) summarise likely oil production;
    b.) show the impact of oil production on economic growth and government revenue;
    c.) discuss the negative and positive economic and fiscal effects of oil production;
    d.) discuss government fiscal policy and the proposed natural resource fund/sovereign wealth fund; and
    e.) offer some comments on how other comparable countries have successfully and unsuccessfully managed oil wealth.
  • 10:15 Neil Passmore, CEO, Hannam & Partners

    Guyana – An Investor Perspective
  • 10:35 Francis Kiernan, Chairman, Abis Energy
  • 10:55 Q&A
  • 11:05 Coffee & Networking Break

Session 2 - Future Plans

With an increasing number of operators now working in Guyana this session will focus upon initial results and operators’ plans moving forward. Operational challenges, drilling & production costs, operational strategy, recoverable quantities, and predictions moving forward will all be addressed.

Schedule:

  • 11:45 Jerome Kelly, Exploration Manager South America, Tullow Oil

    Title: Tullow & Guyana: Exploring a Shared Future

    This presentation will summarize Tullow’s position in Guyana and set out our exploration plans for this year and coming years, as well as addressing how Tullow plans to work together with all elements of the Guyanese nation in ensuring that any success our exploration efforts achieve is shared for the benefit of all.
  • 12:05 David Philips, Managing Director Equity Research, HSBC

    Title: The Outlook for Offshore Investment: Deepwater & Digital Disruption

    This presentation summarises HSBC’s outlook for oil markets, what this means for the financial health of the major operators, and what all this implies for the speed of recovery for offshore investment, including the influence and impact of digital technologies across the value chain.
  • 12:25 Sonya Boodoo, Senior Analyst, Rystad Energy
  • 12:45 Q&A
  • 12:55 Future Operations Panel Discussion
    Jerome Kelly, Exploration Manager South America, Tullow Oil

    Sonya Boodoo, Senior Analyst, Rystad Energy

    Colin KInley, Chief Operating Officer, Echo Atlantic
  • 13:25 Lunch & Networking

Sessions Three and Four

Session 3 - Infrastructure

Exploration developments in Guyana to date have shed light on much-needed infrastructure improvements across the country. This session will discuss strategies for transitioning Guyana’s infrastructure to accommodate oil and gas exploration. Discussion will focus upon infrastructure needs, road maps, and best practice, alongside case study experience from other developing industries and countries.

Schedule:

  • 14:25 Chairs opening address
  • 14:30 Chris Bennett, Managing Director, Caribbean Council

    Title:
    Infrastructure Opportunities in Guyana

    Summary:
    With the advent of oil and gas, Guyana finally has the opportunity to invest in infrastructure which will allow the country to offer its citizens and businesses a high quality of utilities, transport, public services and social care. In this presentation, Chris Bennett, Managing Director of The Caribbean Council, will look at the likely priorities for the Guyanese Government in terms of new infrastructure and provide an assessment of the top projects which are most likely to go forward as part of the wider economic development of Guyana, in addition to those projects which are core to the future success of the oil and gas sector.
  • 14:50 Building a new a future developed infrastructure panel discussion

    Jonathan White, UK Head of Infrastructure KPMG

    Bill Cattanach, Head of Supply Chain, Oil and Gas Authority
  • 15:20 Q & A
  • 15:30 Coffee & Networking Break

Session 4 - Supply Chain

With numerous oil and gas operations scheduled for 2019 Guyana needs to build a stable and reliable supply chain. This session will address supply chain needs moving forward across exploration, construction, pipelines, drilling, extraction, environmental management, production, storage, and transportation, alongside joint ventures, operations-centric models and maximizing efficiency.

Schedule:

  • 16:00 Bobby Gossai, Economics Advisor, University of Aberdeen

    Title: Commercial Linkages for Guyana’s Emerging Petroleum Sector

    The presentation will focus on the linkages between the petroleum sector and the rest of the economy. Emphasis will be placed on fiscal linkages which are the revenue which can be captured by government from production and sale of oil or gas; forward linkages which refer to the provision of oil products or gas to the rest of the economy either as energy or as feedstock; and backward linkages that cover the factor inputs in the supply chain from the domestic economy into the oil and gas sector in the form of labour or local content, which would not otherwise be employed or would be employed at lower productivity. Taken together, these linkages provide a ‘multiplier effect’ from the petroleum sector to the rest of the economy. The multiplier effect depends partly on how the government allocates its revenues between consumption and investment, and partly on the capacity of the economy to benefit from the output and input linkages. Hence, the development of an efficient supply chain for the energy sector will allow Guyana to create a more resilient economy. These linkages act as the engine of development.
  • 16:20 Steve Crosley, International Business Development, UKEF

    Title: An Introduction to UKEF

    Opportunities for UK companies in Guyana and how UKEF can help.
  • 16:40 Supply Chain Panel Discussion

    Sylvia Buchan is a Supply Chain Development Manager. Oil & Gas Authority

    Steve Crossley, International Business Development, UKEF

    Bobby Gossai, Economics Advisor, University of Aberdeen
  • 17:10 End of conference

Sessions One and Two

Session 1 - Environmental Regulation & Energy Reform

Monitoring the environmental impacts associated with oil and gas operations is crucial to the viability of the industry. This session will explore the environmental regulations needed to ensure operations are conducted safely and with minimal environmental impact. Themes will include best practice for managing the physical footprint of operations, surface pollution, safe technologies and the need for environmental impact assessments. The session will also consider the wider impact of oil and gas exploration upon energy reform in Guyana. Discussion will focus upon how profits from oil and gas operations can be utilised to propel other energy initiatives such as renewable projects, alongside case study experience from neighbouring countries such as Mexico, Argentina and Columbia.

Schedule:

  • 9:25 Chairs opening address
  • 9:30 Dr Vincent Adams, Executive Director, Environmental Protection Agency Guyana
  • 9:50 James Munro, Offshore Oil & Gas Regulation, Health & Safety Executive

    Title: How the Great Britain Regulates Offshore Safety

    31 years ago on the 6th July 1988 the Piper Alpha disaster happened. 167 live were lost, 61 people survived. This resulted in a Public Inquiry by Lord Cullen which led to a new approach to regulating offshore major accident hazards involved in oil and gas exploration and production. The regulatory regime went from prescriptive to goal setting legislation. The cornerstone of this regime is the requirement for all offshore installations to have a Safety Case covering its full life cycle. The Case has to be assessed and accepted by the Regulator; Great Britain’s Health and Safety Executive. This approach has been adopted by other countries throughout the world and more recently by EU Members States as a result of the new European Offshore Safety Directive (2013/30/EU). This new Directive has been implemented and now requires Safety Cases to cover Environmental matters as well as health and safety. It was the European Commission’s response to the Macondo disaster in the Gulf of Mexico.
  • 10:10 Mark Irvine, Technical Director, ERM

    Title: Environmental Impact Assessment: key issues and approaches.

    This case study will outline ERM’s experience in working in Guyana over the last 4 years, undertaking environmental and socio-economic studies and preparing reports for permit applications for exploration activities through to full field development.
  • 10:30 Q & A
  • 10:40 Energy Reform Panel Discussion
    Dr Nick Norton, Senior Energy Advisor, International Energy Unit (BEIS)

    Alexandre Oliveira, Global Oil & Gas Emerging Markets Leader, Ernst & Young LLP
  • 11:10 Coffee & Networking Break

Session 2 - Economics

Guyana’s burgeoning oil and gas industry also holds the potential to redefine the Guyanese economy. This session will consider the economic benefits of developing an oil and gas industry for Guyana. Discussion will include job creation, utilising industry revenue for improving local communities and improving local infrastructure such as hospitals and amenities. Discussion will also consider current investment trends, acquisitions and mergers, private equity investment, and investment drives from both the major players and a policy standpoint.

Schedule:

  • 11:55 Bobby Gossai, Economics Advisor, University of Aberdeen.

    Title: Petroleum Policies for an Emerging Producing Country
    1. Design of Economic Aspects of Production Sharing Contracts:
    (a) Overall structural features to accommodate key interests of both host Government and investor
    (b) Cost recovery provisions
    (c) Profit oil sharing provisions including (i) flat rate, (ii) progressively related to production, (iii) Government share progressively related to ROR, (iv) Government share progressively related to R-Factor
    (d) Possible state company participation
    (e) Hybrid scheme with royalty and profits tax
    (f) Appendix on Financial and Accounting Procedures
    2. Other Key Policy Issues:
    (a) Local content policy
    (b) Oil Fund?
  • 12:15 Chris Wheaton, Director, Stifel
    Title: “Guyana: putting numbers on the opportunity”

    Looking at the potential value, the risks and the opportunities of the most exciting new exploration frontier discovered this decade.
  • 12:35 Alexandre Oliveira, Global Oil & Gas Emerging Markets Leader and Joana Santos, Strategy Manager; Ernst & Young LLP

    Title: The Drivers, Defenders and Decisions: Realising The Full Potential for Guyana

    Guyana has been gifted with the opportunity to transform the economic fortunes of the country and its people, and become a major global focus in the oil and gas industry. This opportunity is not without its challenges, and many countries have proven to not only fail to benefit from such resource wealth but have also had negative cross-generational impacts on society and the economy. Every story has two sides – in many cases the extractive industries have been blamed for the ‘resource curse’ but the success and failure of countries to benefit is wholly based on the decisions they make in engaging international investors and the supply chain, and how wealth is spent. In this session, we will provide a view of the economic drivers, economic defenders and ‘must make decisions’ required to untap the full economic potential of the oil and gas industry in Guyana.
  • 12:55 Q&A
  • 13:05 Lunch Networking Break

Session Three

Session 3 - Corporate Social Responsibility

As the number of players operating in Guyana increases, this session will address broader themes of corporate social responsibility. Discussion will incorporate best practice standards, greater accountability, and the social, economic & environmental impact of company activities. Possibilities for the industry to create local jobs both within oil & gas and also propel a wider civil engineering industry, enhance local trade and place a greater emphasis upon using local companies will also be considered.

Schedule:

  • 14:05 Chairs Opening address
  • 14:10 Dr. Veronica Broomes, Consultant on Sustainability & CSR, Broomes Consulting

    Title: Corporate Social Responsibility in Guyana's oil and gas sector -philanthropy or catalyst for sustainable development?

    Summary
    With global corporations active in oil and gas exploration in Guyana, opportunities abound for Corporate Social Responsibility (CSR) to deliver enhanced benefits for present and future generations in Guyana. Moreover, strengthening local content in oil and gas sector as part of CSR should not be done in isolation. Traditional approaches to CSR can be perceived as being driven by business keen to be 'responsible corporate citizens' in host countries. On the other hand, strategic approaches to embed CSR in core business operations can result in direct benefits to stakeholders, including private sector businesses in the supply chain of global oil corporations. Indeed, strategic CSR can foster innovation. Applying strategic approaches to CSR can be enhanced with a deeper and more nuanced understanding of CSR among a wide cross-section of stakeholder groups, including policymakers and private sector businesses. This presentation highlights: a) importance of having local content in oil and gas as part of a national policy on local content that considers non-oil and gas sectors, b) need for legislative audits to identify key legislation that may require amendments and c) how strategic CSR can be a catalyst to achieve national development goals and local development priorities.
  • 14:30 Sanjeev J. Datadin, Attorney, Whitworth Chambers

    Title: LOCAL CONTENT IN GUYANA OIL AND GAS SECTOR

    Heads of Presentation
    1. Local Content explained
    2. How would Local Content work in Guyana’s Oil and Gas Sector
    3. The proposed Local Content Policy in Guyana
    4. Local Content Models in other Oil Producing Nations especially Norway, Nigeria, Brazil and Trinidad
    5. Conclusion
  • 15:10 Q&A
  • 15:20 End of Conference

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All speakers are invited unless stated confirmed

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