Investors from China have been invited to Guyana to possibly capitalize on the country’s oil industry.

14 oil blocks are being auctioned this year and Guyana’s President Dr. Irfaan Ali said he believes that China will accept his offer, especially given the close ties between the two countries.

He said China has been a key development partner for years, stating that Guyana is also seeking to ramp up activities in its nascent oil and gas sector while supporting other sectors in the economy.

“We encourage China to participate in the public process… the bidding process. We will be auctioning off a number of new blocks and we hope that many firms around the world will participate in that process,” Dr Ali said.

The bid round for 14 new oil blocks will end by April 2023 and Ali said his government is hoping to award contracts by the end of May, of the same year. The oil blocks on auction are for shallow and deep-water areas. 

Meanwhile. President Ali said he also hopes that China will be part of a plan to develop Guyana’s natural gas resources, saying that the development of Guyana’s oil and gas resources conflicts with the country’s low-carbon ambitions.