Vice- President Bharrat Jagdeo is expected to talk-up Guyana’s ambitious energy pursuits while leveraging its green resources at the Offshore Technology Conference, an international oil and gas conference being held in Houston, Texas from August 16 to 19.
In a recent Insider interview with the News Room, the Vice- President explained that Guyana can be a major oil producer without changing global dynamics.
This can be done, according to him, since the country possesses vast forest resources that sequester (capture and store) the gases released from fossil fuels like oil. The release of these fossil fuels contributes to global warming and climate change.
And, the Vice- President contended that Guyana can benefit from developing its offshore oil resources since the demand for fossil fuels has remained relatively stable. He, however, opined that the demand for fossil fuels may remain stable or even increase.
As such, he explained, “If demand outstrips the investment in renewable energy, then you’re going to have fossil fuels still in place.”
That means that people, businesses and countries will still rely on these fossil fuels for energy.
And, the Vice- President contended, “Guyana is in a unique position where it can replace or supplement the existing producers of fossil fuel because fossil fuels would still need to be produced.”
Importantly, too, he reminded that Guyana’s oil has low production costs since the oil reserves found offshore have yielded the sweet, light crude oil. This type of oil, unlike the sour crude oil, does not require removing the impurities before being refined into gasolene.
After explaining all of this, he said, “… that is the context in which I will make my presentation.”
This Offshore Technology Conference is renowned for the exchange of ideas and opinions of energy professionals as part of efforts to advance scientific and technical knowledge for offshore resources and environmental matters.
In addition to the Vice- President, Minister of Natural Resources Vickram Bharrat, Minister within the Ministry of Public Works Deodat Indar and Chief Executive Officer of the Guyana Office for Investment (GO-Invest) Dr. Peter Ramsaroop will be attending the conference.
A number of representatives of the local private sector will be in attendance too.
The Guyana Oil & Gas Energy Chamber (GOGEC) is one body that will be attending the conference with a 15-member delegation led by its President Manniram Prashad.
In a press release, GOGEC stated that it intends to sign a few Memorandum Of Understanding (MOUs) with key international players for mutual areas of collaboration.
These MoUs are expected to help boost capacity building through education and training, and to promote strategic partnerships with local players in the energy sector in Guyana with international organizations.