Booming oil and gas industry makes waterfront properties on Demerara River highly valuable across all sectors

During an event at the Marriott Hotel in Kingston, Georgetown, Minister of Public Works, Juan Edghill, expressed that currently vacant lots would transform into bonds, and all waterfront properties on both sides of the Demerara River now hold value, according to his statement on Tuesday evening. Due to their newfound value, owners of these waterfront properties are now seeking riparian rights. He noted that individuals who previously never utilized the waterside are now hiring lawyers to defend their right to access the water, emphasizing the importance of these properties. Additionally, Edghill mentioned that in 2020, when he assumed the role of minister overseeing maritime affairs, approximately five vessels docked at Port Georgetown every week. The increasing number of vessels using Port Georgetown is a testament to the growth of the sector and the need for more infrastructure. Minister Edghill has emphasized the importance of increasing the draft in the Demerara channel to accommodate larger ships with greater tonnage. Overall, the growth in the oil and gas industry and the increasing value of waterfront properties in Guyana have led to a significant increase in demand for infrastructure to support the sector. The government's investment in expanding port infrastructure and the construction of a new deep-water harbor is expected to attract more investments and create more jobs in the country.

Source(Newsroom, Image: Newsroom )

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17 Mar 2023 15:45 | by anaraine

| Construction, Engineering and Transportation