Region Three is expected to become a hub for commercial activity as major developments are underway such as the 600 million USD shore base project that will be established at Vreed-en-Hoop.
Port Georgetown and the commercial hub of Guyana lies on the eastern side of the Demerara. But, planned developments could ensure that robust economic activity is a characteristic of the western side of the river too- where part of Region Three is located.
Already, the government is moving towards the establishment of the Gas to Shore project at Wales, on the West Bank of Demerara (WBD). This project will, essentially, harness natural gas produced from oil reserves offshore Guyana into usable energy for consumers.
President of Guyana Dr. Irfaan Ali says that the region will become Guyana’s “energy capital” but he also promised that the region will see developments in agriculture and manufacturing. These are expected to generate employment and stimulate the regional economy.
Complementing planned investments from the state is the significant private sector interest. Three Guyanese businessmen: Nicolas Deygoo Boyer, Nazar Mohammed and Andron Alphonso have teamed up to form a consortium known as NRG Holdings Incorporated. And this consortium is developing the facility at Vreed-en-Hoop.
This facility will occupy some 400 acres of coastal land. It includes: an offshore terminal, a dry dock facility, a fabrication yard, offshore components, umbilical preparation and spooling yard, administrative buildings to house offices and modernised logistics centre; warehousing, area for a helipad, a wharf, berths, and a dry dock.
Importantly, it is expected that between 150 to 200 people will be hired during the construction phase of the project while 50 to 100 people will be employed for the basic operation and maintenance of the basic port facilities in phase one of construction.
Phase one will comprise deepening, widening, and dredging of an access channel approximately 100 to 125 metres wide and 7 to 10 metres deep and the dredging of the port basin and berth pockets.
On the other hand, Phase 2 will consist of further dredging of the access channel to approximately 10 to 12 metres deep along with the deepening dredging of the port basin and berth pocket.
It is expected that this facility will boost the local capacity to support the oil and gas industry. As such, services that are provided out of Trinidad and Tobago would be provided in Guyana, allowing the local economy to benefit from employment, duties, taxes and capacity goods.
Already, the facility has been granted an environmental permit by the Environmental Protection Agency (EPA). This permit allows the developer to advance this project under certain conditions that would protect human and environmental health.
With the issuance of this permit, NRG Holdings is required to submit an Environmental and Social Management Plan to the EPA within four months. This plan will outline the mitigation measures for any impact that the project will have within the proposed area and surrounding communities.