Sunday, February 5, 2023

Guyana’s forests provide massive legroom for development of oil resources – VP Jagdeo

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Guyana’s forests which stretch over 18 million hectares absorb 154 million tons of carbon dioxide (CO2) annually from the atmosphere. This is about the same annual greenhouse gas emissions from Norway, Sweden, Finland, and Denmark with a combined population of 27 million people.

This means that Guyana’s forests provide massive legroom for the development of all its oil resources while still maintaining its net carbon sink credentials, says Vice President, Dr. Bharrat Jagdeo.

During a press conference last week, the Vice President provided insight into the emissions estimated to be produced by each floating production, storage and offloading (FPSO) vessel set to operate in the ExxonMobil-operated Stabroek Block.

Guyana and Norway have set the standard for a global forest carbon market | OilNOW

He said each is estimated to emit about 1.8 million tons of carbon per year. Even if Guyana has 30 FPSOs operating offshore, that will amount to a combined 54 million tons of carbon annually emitted.

This means also that there would still be significant absorptive capacity remaining.

For the time being, ExxonMobil and partners have unlocked 11 billion barrels of oil equivalent resources in the Stabroek Block. The company has said it will require 10 FPSOs to produce the oil discovered.

Dr. Jagdeo said clearly, the role of Guyana’s forests must be recognised on the international stage. He said this matter will no doubt be raised during Guyana’s representation at COP27.

Forests: the key to Guyana’s low carbon development strategy

The Vice President also recalled the hard work that allowed for the completion of the Low Carbon Development Strategy (LCDS) which outlines the nation’s vision for the preservation and monetisation of its forest services.

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