President Irfaan Ali says that discussions are underway with several CARICOM leaders on developing a Regional Energy Strategy and providing a clear direction on the way forward.
An Office of the President [OP] release yesterday said that Guyana’s Head of State made this disclosure at the opening ceremony of the Suriname Energy, Oil and Gas Summit in Paramaribo. “We are proposing to move rapidly on a Regional Energy Strategy to look at all the potential areas for investment, to bring investors together, bring the markets together and to see how, as quickly and transparently as possible, we can unlock those opportunities.” This strategy, the release added, will allow investors to have a “fair and clear” understanding of the policy and energy needs of the region.
In the release, the President described the energy security potential in the Region as “undoubtedly” enormous. “Just imagine if we get the capital resources to do the exploration work and move into production; not only the contribution we can make regionally but the position we can take globally—we can reposition this Region globally”. To achieve this, the release noted that Ali called for bold decision-making, a common strategic approach and working in unison on policy formulation. The release added that reference was made to the global energy crisis and inequality now exacerbated by the Covid-19 pandemic, the invasion of Ukraine and supply chain issues.
Additionally, the President drew attention to rising oil prices, the 243% increase in natural gas prices and the need for the region to navigate through these challenges. “These are the realities that we face together as we confront these challenges, so in the midst of this global crisis, CARICOM members like Guyana, Suriname, Trinidad and Tobago, Barbados, with the possibility of natural gas, we have to come together to advance a solution not only for the region, but one that incorporates northern Brazil especially.”
Ali called for the removal of bureaucratic delays, advancing the [regional] project with dynamism and unlocking the region’s natural gas potential in an effort to rebalance its supply side. The resources acquired will allow leaders to deliver to the people of their countries and the Region, better education, better health care, and better infrastructure among other benefits. “We have to give them, the future generation, a better shot at life…. We have to put together a development strategy that shows how the rest of the economy will be built out from the revenues that come from oil and gas. And that is why the Region is advancing a very elaborate and ambitious food strategy. We have to be able to fund this strategy—our climate resilience strategy.”
The release noted that Oil and Gas Sector exploitation in a safe, responsible manner will secure sustainable, long-lasting development for the people of the region. Chandrikapersad Santokhi, Suriname’s President, remarked that strong strategic alliances combined with cheap energy generation will ignite new industries, create regional opportunities and guarantee prosperous lives while adding sustainable revenue opportunities, the release said.
