LatAmOil: EY views Guyana and Suriname as key emerging players in global oil and gas sector

Guyana and Suriname are emerging as key players in the oil and gas sector, with the potential to significantly impact global energy markets, observed Patrick Jelinek, EY Americas oil and gas leader.

Jelinek explained that Guyana's burgeoning energy sector presents both opportunities and challenges, capable of driving socio-economic growth through industrialisation and infrastructure development. However, he said that achieving this requires "operational excellence and innovation" to effectively manage the evolving regulatory and risk landscape.

In Guyana, companies must "recognise the evolving nature of the local content regulations" and prioritise building strong partnerships and compliance frameworks, Jelinek advised. The Local Content Act has been instrumental in integrating Guyanese nationals into the industry, mandating local procurement in 40 specified service areas for oil and gas companies and their subcontractors.