Dr Mark Bynoe, Head of Guyana’s Department of Energy, on Wednesday, reemphasized his agency’s commitment to pursuing the country’s green economy and using the oil resources to propel the South American nation into becoming an exemplar of clean energy and reduced emissions.
He was speaking at the opening ceremony for the second edition of the Guyana International Petroleum Business Summit (GIPEX) being held at the Guyana Marriott in Kingston, Georgetown.
“We are delighted to be hosting this event, at this exciting time in Guyana’s history with the imminence of first oil,” he said.
Dr Bynoe said the event was an opportunity to demonstrate the catalytic importance of the oil and gas industry in Guyana; through rent capture, knowledge transfers, and technological advances.
He said that this would help the country in its transformational development, including its transformation to cleaner, more reliable and sustainable forms of energy.
“The importance of this cannot be overemphasized given the intense efforts for global decarbonization. Concurrently, the industry is being challenged to use its resources, especially its technical expertise and knowledge, to develop creative solutions to providing better access to energy and opportunities for renewable energy transitions, as such this summit is both appropriate and timely. For Guyana, as one of the newest entrants into the industry, it must remain cognizant of the developments occurring therein,” he said.
The DoE Director said industry standards necessitate that the petroleum sector adopts corporate social responsibility, within its business model, to address the social challenges of its host communities. As such, Guyana has increased opportunities for addressing all forms and scales of energy.
“We all need to work together to reduce our carbon footprint, including utilizing such techniques of carbon capture, storage and utilization… minimizing methane emissions during the production of natural gas and following extraction methods that are environmentally sustainable, socially palatable, and economically viable,” he stated.
Dr Bynoe said as Guyana continues to look for best practices in the industry, even as it builds its regulatory framework, technology remains vital. Calling innovation a game-changer, Dr Bynoe said, digital technology is now helping in more efficient energy use – maximizing production while minimizing emissions.
“Technology is also driving down cost and accelerating the use of renewable energy,” he said.
Dr Bynoe emphasized that through the coming of the oil and gas industry, Guyana for the first time has a chance at self-determination.
“…self determination which is driven by a green state agenda, a soon to be completed legislative framework for the sector, a contextually relevant and appropriate local content policy, a new production sharing contract template.
Additionally, he reiterated the importance of the completion of our 2D and 3D seismic surveys for better decision making – with regards to remaining blocks – and unallocated areas offshore, a completed natural resource fund framework and, a national oil spill contingency plan.
“Building capacity at all levels along the value chain is critical, particularly those of the young people and those in the technical and vocational education and training institutions,” said Dr Bynoe.
Dr Bynoe reminded that a people-centred approach remains Guyana’s modus operandi for realizing its development ambitions.
