How many of Guyana’s barrels are being used for CARICOM’s energy security? – TT Minister

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Trinidad and Tobago seems to want Guyana to use some of its own barrels to help achieve energy security in the Caribbean Community (CARICOM). Its Minister of Energy and Energy Industries, Stuart Young, made this point known during his presentation on day two of the Guyana Energy Conference and Supply Chain Expo. 

Guyana’s total oil production surpasses projections; current output from the ExxonMobil-operated Stabroek block is at 645,000 barrels per day. But Young asked, “How much of that is actually being utilized for the energy security of the region?”

In Young’s view, Guyana can play a vital role in influencing the region’s energy security. 

“What we need is an equal voice and an equal seat at those tables of decision-making. And when we have countries right in CARICOM, for example, Guyana…producing significant amounts of oil, a hydrocarbon that is needed in the world, we hold the opportunity right in our hands to influence this energy security conversation taking place across the world,” he pointed out. 

The Energy Minister also made a pitch to Guyana; to give Trinidad access to its proven gas reserves as it already has the infrastructure and experience. 

“Send your gas resources and you receive the return immediately. No wait, no moratorium, no need for incentives only immediate return on your natural resources that you then use for the infrastructure in your countries as a return for your people in the respective countries.”

Guyana’s gas reserves stand at an estimated 17 trillion cubic feet in the ExxonMobil-operated Stabroek block. The country hopes to facilitate the building out of a vibrant gas industry with its own local infrastructure. 

Trinidad made a similar pitch to Guyana before, offering up their refinery for Guyana’s oil. However, Guyana’s Minister of Natural Resources, Vickram Bharrat said it made “economic sense” for the country to have its own. 

Collaboration remains Trinidad’s mantra. 

“My brothers and sisters in CARICOM, if we collaborate, we share information, we share experiences, it can strengthen not only our voice but it can strengthen our position as we operate in a very dynamic, very sophisticated world that is a global world of energy,” Young urged.

Trinidad and Venezuela are currently involved in the Dragon gas deal. It involves a plan to transport the resource from the Dragon field in Venezuela to Trinidad’s Atlantic LNG plant via a Shell-owned offshore platform. It would be a welcome boost for the economies of both countries, as Venezuela looks to revitalize its crisis-stricken economy, and Trinidad struggles to revive its gas industry after years of declining hydrocarbon production.

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