Oil wealth must be ‘truly for the people’ – President Ali pledges more exploration, diversification

President Dr. Irfaan Ali has pledged to transform Guyana’s economy over the next five years by moving “ambition into action and action into transformation.”

A major part of this transformation will include the oil and gas industry to deliver concrete benefits for the people of Guyana.

“Our oil and gas sector will continue to grow, expanding production and revenue for our people. But why stop there? We will press forward with new explorations under a stronger production sharing agreement, ensuring that the benefits are greater, gains are wider, and the wealth is truly for the people,” President Ali said in his address to the nation on Sunday shortly after taking the oath to office, having been re-elected at the September 1 polls to serve a second term.

The ONE GUYANA floating production, storage, and offloading (FPSO) vessel recently joined the Liza Destiny, Liza Unity, and Prosperity FPSOs, raising Guyana’s total production capacity to more than 900,000 barrels of oil per day.

By 2030, ExxonMobil expects Guyana’s offshore developments to reach a combined production capacity of 1.7 million oil-equivalent barrels per day from eight projects. In just five years, the company has successfully brought four complex offshore operations online under budget and ahead of schedule while advancing plans for four more by the end of the decade.

Importantly, while President Ali acknowledged the role of oil and gas, he said the sector will not be Guyana’s sole economic pillar.

“But we are not a one-sector nation, we are building a diversified economy that will generate jobs, raise incomes and secure prosperity.

“As part of our commitment to economic diversification, we will strengthen the traditional pillars of our economy, mining, agriculture, fishery and forestry, ensuring that these sectors continue to provide jobs, wealth and stability for our people,” President Ali stated.

President outlined that in the next five years, other plans to cultivate new engines of growth, including world-class tourism, a thriving blue economy, competitive manufacturing, advanced information and communication technology, and dynamic knowledge-based industries.