By NAN Business Editor
News Americas, GEORGETOWN, Guyana, Mon. July 21, 2025: Japan’s MODEC is doubling down on Guyana’s booming offshore oil sector with a strategic new hub in Georgetown, underscoring the South American nation’s emergence as a critical node in global energy supply chains.
The move by the Tokyo-based offshore engineering giant comes amid a broader regional realignment, with Asian, American, and European stakeholders racing to entrench themselves in what has become the world’s fastest-growing oil frontier.
MODEC’s new office is set to create and sustain more than 160 local jobs, with additional workforce opportunities expected during its operational ramp-up. Beyond job creation, the company’s investment signals a long-term industrial footprint that integrates Guyana more deeply into the global offshore production ecosystem.
“This is not a company dipping its toes in the water,” said Guyanese Minister of Tourism, Industry and Commerce Oneidge Walrond. “MODEC has come with purpose, promise, and proven performance.”
Earlier this year, MODEC secured a high-profile contract from ExxonMobil Guyana to construct its second Floating Production Storage and Offloading (FPSO) vessel for the Hammerhead project—projected to process up to 150,000 barrels per day.
With Exxon’s oil production in Guyana expected to surpass 1.3 million barrels per day by 2027, MODEC’s growing role signals that Japan is positioning itself not just as an offshore contractor—but as a long-term industrial partner.
“Guyana’s human capital is an asset,” MODEC Group CEO Hirohiko Miyata said at the launch. “We are 100 percent committed to developing local content.”
The Hammerhead FPSO will be one of the most technologically advanced vessels deployed in the Western Hemisphere, outfitted with combined cycle gas turbines to reduce emissions—an innovation aligned with Japan’s energy efficiency push and global decarbonization goals.
That investment in greener offshore production also dovetails with Japan’s strategic interest in diversifying its energy partnerships beyond the Middle East, particularly as global shipping routes and geopolitics become increasingly volatile.
Local Content Law Bears Fruit
Guyana’s 2021 Local Content Act is already reshaping the investment landscape. With over $1.5 billion in contracts awarded and more than 1,100 local firms engaged, the law has pushed foreign operators to embed themselves into the local economy—transforming Guyana from rentier state to industrial stakeholder.
MODEC’s presence reflects that shift. “We welcome MODEC not just as a contractor,” said Walrond, “but as a partner in nation building.”
The company’s website shows a number of open posts HERE
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