SINCE first oil in 2015, Guyana has continued to attract significant amounts of foreign direct investment, with global companies eager to bet on the prolific offshore oil blocks that have propelled the country to a global role in oil and gas exploration and production. The future of Guyana, however, lays squarely with the ability of its youth to capitalise on these new opportunities.
Last week, the Office of the Prime Minister hosted its Innovation Challenge 2023, which was sponsored by a major oil services contractor, SBM Offshore Guyana. It showcased the talents of young Guyanese ‘tech’ enthusiasts – all of whom competed for cash prizes and a chance at securing paid internships at SBM.

The contestants were asked to develop software that could be used in the industry to address scheduling issues.
Young people are a sizeable resource for the country, comprising up to 50 per cent of Guyana’s population. But youth unemployment still ranks high with the World Bank in 2019 estimating that as much as 46 percent of Guyana’s youth were not in education, employment or training. Efforts are underway to increase the opportunities available, especially in the oil and gas industry.

Last month, the government announced it would be advancing its most significant changes to the petroleum governance framework in years. Pairing this with the established local content law in Guyana can create tremendous opportunities for Guyanese businesses and people. Companies contributing to the local economy by creating opportunities for youth employment is a key vision of the revised petroleum law.

In a recent commentary in OilNow, STEMGuyana advisor and mathematician, Professor Terrence Blackman, stated, “empowering Guyana’s youth in the emerging oil and gas sector will require rigorous, sustained, innovative education, training, access to capital, and legislative support.” Prof. Blackman went on to say “a comprehensive development plan, supported by all stakeholders, will ensure the country’s sustainable growth and a bright future for its younger generations.”

With all of these natural steps aligning for Guyana, it’s an opportunity to emphasise how this progress allows for capacity building opportunities.
Throughout the Innovation Challenge, participants were asked to show how computer coding and STEM education are key to the growth of Guyana’s rapidly expanding energy sector.

SBM Offshore Guyana General Manager, Martin Cheong, remarked, “we believe that investing in the skills and potential of young Guyanese individuals is crucial for their personal growth and the country’s development. Through the Innovation Challenge and the internship programme, we are creating pathways for participants to enhance their expertise, broaden their horizons, and contribute to the sustainable development of Guyana’s oil and gas sector.”

The winner of the competition was Team Infinity Tech, with their innovative approach to the competition.
Prime Minister Mark Phillips stressed the point that youth involvement in information and communication technologies (ICT) is driving Guyana’s advancement and technological transformation. “Our government is committed to ensuring that ICTs are a part of all sectors in Guyana; we must ensure that our country can leverage the benefits of ICTs and that all persons can access these benefits as part of the fast-paced, technologically-driven world in which we exist,” he said.

Events like the Innovation Challenge 2023 that bring together both government and the private sector are a crucial building block to address the need for skills development in Guyana’s economy. As the economy matures, Guyana’s limited labour pool will require more skills to meet the demands of a 21st century connected world and compete globally. Investments in workforce development are crucial to achieving the full potential of the bourgeoning oil and gas sector.

Source: Guyana Chronicles