GEORGETOWN, Guyana (CMC) — Guyana’s rapidly expanding oil and gas sector is set to benefit from over 160 sustained local jobs with the official opening of a Georgetown office of Japanese offshore engineering giant, Mitsui Ocean Development & Engineering Company Incorporation (MODEC).

The investment by MODEC, a global leader in floating offshore production systems for over 55 years, will also see training opportunities for Guyanese.

The country’s Minister of Tourism, Industry and Commerce, Oneidge Walrond, delivering remarks on behalf of President Irfaan Ali at the launch ceremony on Friday, described MODEC’s presence as a meaningful commitment to Guyana’s development.

“This is not a company dipping its toes in the water. MODEC has come with purpose, promise and proven performance,” she said, stressing that MODEC’s investment goes beyond oil production.

“MODEC operations will generate hundreds of jobs during the startup phase alone, and when production begins, more than 160 jobs will be sustained and many of those will be Guyanese. That is why we welcome MODEC, not just as a contractor, but as a partner in nation building.”

She also highlighted the impact of Guyana’s local content legislation. Since its implementation, over $1.5 billion in contracts have been secured, with more than 1,100 companies actively participating in the oil and gas sector. They span a wide range of industries, including logistics, security, transportation, accommodation, catering, waste management, construction, and technical services.

MODEC Group President and Chief Executive Officer Hirohiko Miyata reaffirmed the company’s long-term commitment to Guyana’s development.

“I am 100 per cent confident and committed to the rapid growth of Guyana through local content development, because we see Guyana’s human capital as an asset,” he said.

Earlier this year, MODEC was awarded a significant contract by ExxonMobil Guyana Limited to construct a floating production, storage, and offloading (FPSO) vessel for the Hammerhead project. This will be MODEC’s second FPSO destined for Guyana, following the Errea Wittu, which is currently under construction for Exxon’s Uaru project.

The vessel will be the most advanced and largest FPSO ever deployed in Guyana, featuring state-of-the-art systems that enhance efficiency and reduce environmental impact.

Alistair Routledge, president and general manager of ExxonMobil Guyana, described it as “a majestic and impressive vessel equipped with the very latest technologies, including combined cycle gas turbines, which support our commitment to developing this resource with minimal environmental impact”.

The Hammerhead FPSO will be capable of producing 150,000 barrels of oil per day and handling associated gas and water. It will be moored in waters approximately 1,025 metres deep using a SOFEC spread mooring system.