President Dr. Irfaan Ali on Thursday announced bold plans for Guyana to build its local capabilities in crude oil trading. This will entail knowledge transfer and strategic partnerships, the Head of State revealed at the Georgetown Chamber of Commerce and Industry’s Energy Insights Brief 2025.“We must be able to trade our crude oil from Guyana with the infrastructure, with the capital, and with the market skills, and that is going to create enormous opportunities for us,” President Ali said.He said his government will be working closely with the local private sector and international partners to accelerate Guyana’s entry into oil trading.“We have to short-circuit this process by getting those who have already done it for other countries to work with us in transferring the knowledge, maybe to enter a partnership for the next three, four, five years until we get the experience to do it on our own,” President Ali explained.According to him, these are the “bold decisions” and “bold ideas” necessary to transform Guyana’s future, pointing to Vision 2030 as the framework guiding development.Last year, British firms BB Energy Trading Limited and JE Energy were chosen to market crude oil from the Liza Unity, Prosperity, and Destiny Floating Production Storage and Offloading (FPSO) vessels, with contracts lasting 12 months starting in 2024. Both companies had previously marketed Guyana’s oil in 2023-2024. The President wants Guyanese to do this themselves, eventually.Meanwhile, the President again outlined how oil wealth will help to propel his government’s developmental plans.Painting a picture of the nation’s potential in the next five years, President Ali asked the audience to “imagine a nation where every household has reliable electricity, not just from oil but from hydropower, solar and natural gas… where schools prepare children for the digital world, where healthcare balances affordability and quality, and where prosperity is an entitlement of all, not the privilege of a few.”Ali reiterated that social equity must remain at the center of policy, ensuring that no village or community is left behind, and emphasized that oil wealth must be managed in harmony with the United Nations Sustainable Development Goals (SDGs), including affordable and clean energy, decent work and growth, innovation and infrastructure, and climate action.“What good is a prosperous Guyana in 2030 if it is unlivable in 2050?” the President questioned, as he outlined the government’s mission over the next five years to prove that “oil wealth and sustainability can walk hand in hand.”ExxonMobil Guyana in August 20205, announced the start of production at Yellowtail – the fourth oil development in the offshore Stabroek Block. The project is producing oil through the ONE GUYANA floating production storage and offloading (FPSO) vessel, which joins the Destiny, Unity, and Prosperity FPSOs.With an initial production of 250,000 barrels of oil per day (bopd) and a storage capacity of two million barrels, the ONE GUYANA is the largest FPSO operating offshore Guyana to date. Oil produced will be marketed as Golden Arrowhead crude.A release from the company stated that, Guyanese now make up more than 67% of the oil-and-gas workforce, with over 2,000 local businesses engaged in the industry.ExxonMobil Guyana expects total production capacity to reach 1.7 million oil-equivalent barrels per day by 2030, with eight developments planned in the Stabroek Block. ExxonMobil Guyana Limited operates the Stabroek Block with a 45% stake, alongside Hess Guyana Exploration Ltd. (30%) and CNOOC Petroleum Guyana Limited (25%). The post Locals to trade Guyana’s crude oil eventually – President Ali appeared first on News Room Guyana.