Maintaining effective and positive growth using oil revenues is a good challenge to have, Minister of Natural Resources from Newfoundland and Labrador, Siobhan Coady, told the Guyanese private sector.
Last evening, local stakeholders engaged the Newfoundland Oil and Gas Industries Association (NOIA) President, Lima O’Shea, and Minister of Natural Resources from Newfoundland and Labrador, Siobhan Coady.
Stephen Roberts from the law office of Hughes, Fields and Stoby queried how the Canadian province filled its local content capacity gaps.
“You have to address the gaps and the needs requirements and I know that the operators are quite keen to ensure that they have the right training modules as well,” Minister Coady said.
The minister added that institutions in Newfoundland and Labrador, during the early stages of the oil and gas industry, worked with operators to address the gaps in skills training.
The minister was also quizzed on how her province avoided the resource curse. Minister Coady noted that planning for growth and development is a positive challenge to have.
“As you move through your journey, with having more royalties and more taxation acquired by the government, by having more investments made by supply and service industry, you too will start to see that kind of growth and development and prosperity coming to your communities,” Minister Coady explained.
The minister also shared how the province Newfoundland and Labrador diversified their economy using oil and gas revenues. “Everything from aquaculture and agriculture, and tourism and cultural events, we make sure that we have a very diverse economy,” Minister Coady said.
A 50-member delegation from the Canadian province of Newfoundland and Labrador is in Guyana on a four-day trade mission to leverage partnerships with Guyanese businesses to access opportunities in the oil and gas sector.
The visit is being facilitated by the Guyana Office for Investment (GO-Invest).