Guyana’s Energy Conference: Aspirations for a Sustainable Future

The Inaugural Guyana International Energy Conference held at the Marriott, February     15-18, 2022 was an overwhelming success. This is based on the  wealth of information, analysis and policy pronouncements  on several topics including the energy transition; the health, safety and environmental culture,  opportunities for members of the Diaspora,  plans  to ensure the transition away from heavy fossil fuels;  local content in principle and practice; and  updates from oil operators in Guyana’s waters.  The Conference organizer reported   800 registered delegates from 25 countries, and 1,500 visitors to the Exhibition Centre and  widespread sponsorship from international  corporations and the local business community.
   
Since 2015, oil companies operating off Guyana’s coast have found more than 10 billion barrels of recoverable oil and gas, accounting for a tenth of the world's conventional discoveries. A consortium with Exxon Mobil Corp (XOM.N), Hess Corp (HES.N) and CNOOC Ltd expect to produce 1 million barrels of oil and gas per day by the end of the 2022. In addition, more oil finds projected for the Stabroek, Corentyne,  Canje, Yellow Tail, Unity and Conuku  blocks will enhance outputs from Guyana's oil and gas sector further.    
            
 
What resonated from the opening to the closing session was that this was not an Oil & Gas  conference per se. It was an event that showcased opportunities for Guyana’s sustainable development  with the oil boom  being the pivot  for the viability  of other sectors.   It was indeed reminiscent of the panel presented at the University of Guyana Green Institute conference in October  2021, that identified how Guyana could  be a global model of aligning oil economy with a green economy.  
 
Highlights from the Keynote Opening Panel  
 
The tone was set at the opening session when the President of Ghana, Nana Akufo-Addo insisted that local content development must place emphasis on the public interest,  transparency and accountability; and  the oil and gas sector must enhance local content in all aspects of the industry’s development. This is illustrated in Ghana’s  local content law which is not about nationalization but partnering to bring benefits to its citizens who own the resources that are being  developed. Hence energy sustainability must translate into social and economic benefits for the citizens as it transitions from fossil fuel to green energy. 
 
President Chan Santokhi of Suriname stated that  in utilizing the new found wealth, it is important to take into account the impact of climate change and looming global instability on the oil and gas economy which need to be developed in an environmentally friendly manner.  He advocated that sustainable development must place emphasis on functional cooperation in infrastructure,  environment, marketing and energy as the framework for securing the economy for future generations. The Guyana-Suriname Corridor offers a rich potential for rapid growth. 
 
For PM Mia Motley of Barbados energy is integral to the sustainable future of CARICOM and there is need to engage in the  ‘inconvenient truths’ about the  perpetuation of  inequities and  disparities  without a reparatory process.  Consequently,  there is need to ensure  that at no stage must citizens  be left as  tenants in their own land.  She recommended an investment of 10% of the oil and gas bonanza  to finance renewable energy, education and  health  and pointed to Barbados’ initiatives  including the establishment of  green bonds and a green development bank, local ownership and entrepreneurial development.   She advocated  for the world to pause for the complex conversation since 'net zero does not mean zero'.
 
President Dr. Irfaan Ali  stressed that the major aims of the exercise are situating Guyana’s energy transition  in the wider  development plan, building  partnership and removing barriers for bringing people together and working to develop  the Corentyne as a new frontier. He was emphatic that local content must include welcoming foreign investors. He highlighted that Guyana is intricately linked in CARICOM since Guyanese prosperity is intertwined with the prosperity of the Region.  He presented  the emergence of the oil and  gas sector as a catalyst  for expanded business opportunities,  a giant leap to a diversified economy and an opportunity to invest in human resource development with special reference to education,  health, training and the enhancement of competences for the future world of work.  The President emphasized Guyana’s contribution to global solutions as exemplified by the worth of its standing forests,  which  has one of the best deforestation rates at less than  0.53% valued at approximately US$500B. 
 
Platforms for Moving Forward
 
The keynotes from the primary speakers  above provide the broad frame of reference for the take-off of the Conference which focused on  the issues that by and large optimistically pointed to a bright  future that is happening now. The areas that were covered by plenary sessions revolved around issues to be further explored.  They include: 

• Rolling out the low carbon development strategy
• Growing the non-oil sector
• Training and mentorship 
• Importance of  investing  in the supply chain
• Accelerating  the gas to energy power plant to achieve reliable and low cost  electricity 
• Promoting  the  transition to an energy system based on solar and wind farms
• Transitioning from fossil fuel to natural gas 
• Financing renewable energy projects
• Overcoming the challenges of accessing capital for development
• Benefiting from forest carbon credits 
• Fostering the future of the El dorado corridor  

 
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Eddie Greene