(OIlNow) To ensure all stakeholders benefit from Guyana’s lucrative oil and gas sector, Minister of Natural Resources, Vickram Bharrat urged current and prospective investors to work with locals on their projects. He made this call during his brief remarks at the opening ceremony of Saipem Guyana’s Offshore Construction Facility on Saturday.

The Minister said the event was a demonstration that Guyana is open for business while adding that Guyana’s petroleum industry will be a model for the region, as companies move forward in developing the Guyana-Suriname basin.

In the same breath, Mr. Bharrat urged Saipem and other investors to be a partner with the government on local content by ensuring benefits are enjoyed by every Guyanese. He noted that doing this does not detract from the profits to be had from their investments. Further, he assured the investors that they have a partner in Guyana, as the country moves to develop its budding oil and gas sector.

Even as he called on investors to form partnerships with Guyanese, Mr. Bharrat acknowledged the role the government will have to play in ensuring its people are ready for a robust oil and gas industry. In this regard, he noted that Guyana has its work cut out for it in finalizing the Local Content Policy and building capacity. This does not only ensure that there are Guyanese working in the technical and managerial positions in the oil and gas sector, he pointed out, but also ensures that local businesses are internationally competitive. As the government continues its efforts to achieve the aforementioned, Mr. Bharrat offered congratulations to Saipem Guyana on its new venture and reiterated the Government’s support for same.

Saipem is an Italian multinational oilfield services company and one of the largest in the world. This company has been awarded subsea contracts by ExxonMobil Guyana for the first two phases of the Liza development as well as the Payara development in the Stabroek Block.

The oil services company’s new facility at Water Street, Georgetown, features a heavy load bearing jetty, the largest heavy lift crane in Guyana and specialized welding and testing equipment.