Guyana’s President, Dr. Mohammed Irfaan Ali, has made clear his intentions to ensure that regional and local players are chief beneficiaries of the country’s growth in the energy sector.
He was addressing the opening of Guyana’s 2022 International Energy Conference.
Guyana is seen by its locals and neighboring territories as a land of opportunity, with valuable natural resources including forests, rare earth elements, and of course, oil.
President Ali shared statistics about these resources’ value. Unfortunately, he says often, investors overlook these resources, even though they could greatly assist the economy. In response to a journalist’s question about the threat that involvement in oil and gas poses to Guyana’s firm stance on climate change and the environment, Ali said, “Guyana existed long before oil and gas’ discovery; why have we never been recognized?”
Open Door for Energy Investors
President Ali’s apprehension about global recognition did not stop him from welcoming investors to be a part of the development of these natural resources. His open-door policy for investment in the energy sector is evident in the recent relationship between Guyana and one of the world’s largest publicly traded energy providers, ExxonMobil.
Days before the conference, ExxonMobil said it started production at Guyana’s second offshore oil development on the Stabroek Block, Liza Phase 2. The Liza Unity arrived in Guyana in October 2021 and is estimated to store around two million barrels of crude. The Liza Unity is the world’s first FPSO to be awarded the SUSTAIN-1 notation by the American Bureau of Shipping to recognize the sustainability of its design, documentation, and operational procedures.
Forward Together
President Ali spoke to the opportunity collaboration provides, noting that joint conversations and resources can create the strength to pursue a culture change. “Moments like these are worth seizing and creating a new momentum to promote our ideals and ideas,” said Ali. He charged regional leaders to tackle issues like food security, climate change, energy sustainability, and water scarcity. He also noted that the capacity and capability to contribute to the global solution exists. ‘We must now work together to find our place and space in bringing global solutions.”
Attendees at the conference included Nana Akufo-Addo, President of the Republic of Ghana; Chandrikapersad “Chan” Santokhi, President of the Republic of Suriname and Mia Mottley, Prime Minister of the Republic of Barbados, and other regional and international representatives.
