US offshore crewing player enters second country in ‘booming’ Caribbean oil & gas market

Core Group Resources (CGR), a Texas-based firm specializing in the provision of personnel for, among others, the offshore industry, has set up shop in Guyana to provide personnel and operational support for the oil and gas industry by launching Core Nations as its subsidiary in the South American country.

Core Group says this marks its second international foray after opening its doors in Trinidad and Tobago in May. Local operations in Guyana will focus on urgent labor demands as regional energy projects continue to thrive and growth continues in the oil and gas exploration arena.

“Opening Core Nations is a significant milestone for us and underscores our dedication to providing high-quality personnel solutions in the Energy industry. We’re fostering long-term partnerships and look forward to being part of Guyana’s growth story for years to come,” said Matt Fuhrman, CEO of Core Group Resources. 

“The Caribbean marketplace is booming with a need for personnel in industries such as construction, maritime and especially with projects in oil & gas, so it’s the right time for us to amplify our efforts and put down roots to support Guyana, its businesses and by extension its vibrant communities.”

Core Nations is set to operate as a majority locally owned local content certified entity, which the Texas player expects will foster a positive economic impact. The Guyanese business will be managed by Core Group International’s Managing Director, Dan O’Connor, who is already at the helm of Core Trinidad & Tobago and Core Group Technical Services. 

Guyana has been hailed as the world’s fastest-growing oil region since its first offshore discovery in 2015, attracting multiple oil and gas majors. One of them, ExxonMobil, is developing multiple projects in the country’s Stabroek block, which covers 6.6 million acres or 26,800 square kilometers.

The U.S. player recently applied for an environmental permit to embark on its seventh oil project in the Stabroek block – Hammerhead. However, the country’s Environmental Protection Agency (EPA) concluded that further insights into the potential environmental impacts of the project and mitigation measures are needed before reaching a decision.

Furthermore, SBM Offshore’s floating production, storage, and offloading (FPSO) vessel One Guyana, which will work on the Yellowtail development project, the energy major’s fourth oil project in the block, was recently completed at Seatrium’s yard in Singapore.

Another FPSO, Prosperity, is working at ExxonMobil’s third development, known as Payara. Earlier this year, a final investment decision (FID) was taken for Whiptail, its sixth deepwater oil development in the Stabroek block, which will also feature an FPSO by SBM Offshore, after the Dutch firm secured a pre-FEED contract for it last year.

Note: Article amended on Monday, October 14, 2024, since this is a new launch and there was no predecessor as previously implied.