VP Jagdeo insists on Guyana’s right to develop oil resources

Must Read

OilNOW is an online-based Information and Resource Centre

Guyana’s advocacy for continued oil and gas development will not falter soon, said its Vice President Dr. Bharrat Jagdeo.

On the opening day of the just concluded International Energy Conference, Dr. Jagdeo reiterated that countries like Guyana including neighbour Suriname “have a right” to develop their oil and gas resources.

“…because they have used up so little of the global carbon budget,” the VP pointed out.

This was a shot at those calling for a halting of global oil production, even as they facilitated their own development through the very means. 

While speaking about Guyana’s energy policy, Dr. Jagdeo was clear that the country will be developing its new-found oil and gas resources as fast as it can, to build out its economy and prepare for the future driven by renewables.

Guyana has touted a balancing act of rapid oil development while still remaining carbon neutral. It has achieved net zero and according to the VP, it intends to stay at that level.

Senior Director for Climate and REDD+ at Guyana’s Ministry of Natural Resources, Pradeepa Bholanath has said that even if Guyana has 10 floating, production, storage and offloading vessels operating offshore, its emissions can in no way eclipse the immense carbon service provided by the nation’s forests. The miles and miles of greenery store more than 19.6 gigatons of carbon.

“So, we can [develop our resources] with credibility because we are a country that is carbon negative,” the Vice President affirmed.

To kick-start the renewable transition, Guyana is using its gas resources for the landmark gas-to-energy project. Government expects current unreliable and expensive power woes to become a thing of the past.

‘No path to net-zero without using gas as transition fuel’ – VP Jagdeo | OilNOW

Cheaper power will unlock a world of opportunity for Guyana, especially its manufacturing sector.


Partnered Events

Latest News

Cost estimate for Exxon’s Whiptail project slashed by US$200 million

ExxonMobil’s cost estimate for the Whiptail development, recently approved by the Guyana government, has been slashed by approximately US$200...

More Articles Like This