Trinidad and Tobago’s Prime Minister, Keith Rowley says that Caribbean energy economies must collaborate and should not shy away from beneficial opportunities.
He was speaking at the opening of the Guyana Energy Conference and Supply Chain Expo at the Marriott Hotel on Monday.
He stated that the industry is playing an important role in the energy transition by providing the affordable and reliable power needed to fuel growth, “producing this energy with decreasing emissions through carbon capture strategies, reduction of flaring and leaks to support a low carbon world.”
Adding that the oil and gas industry is one which will be a major source of energy for decades to come during a “protracted period of transition even as we invest and expand the contribution of various renewables”, he said, policymakers worldwide need to evaluate the central role it plays in modern life.
“..with rising concerns for future demand and climate change the industry finds itself in a delicate situation, only by recognizing the true scope of these ongoing challenges and addressing their implications by offering leadership on solutions can the industry continue to prosper in an increasingly complex world”, he said.
According to him, Caribbean energy economies like Trinidad and Tobago, Guyana and Suriname are significant players in the market “and will not be irresponsible nor will we shy away from beneficial opportunities.”
“In the pursuit of energy security and resilience our region is no stranger to challenges, Caricom countries on average import an estimated 87% of their oil compared to a global average of 21%, this dependence has left the region vulnerable to energy market volatilities which take a toll on crucial economic sectors within the region”, he asserted.
The Prime Minister said, “collectively we continue to echo the sentiments of sustained development through the availability of oil resources, this availability has been demonstrated by the recent oil and gas finds in Guyana and Suriname. In order to ensure energy security for the region and combat the negative impacts of climate change it is imperative that we effectively utilize our resources whether they be hydrocarbon or renewable through collaborative efforts.”
He then stressed that only by working together can “we obtain our objectives of fostering productive and resilient economies in what promises to be an increasingly hostile business environment.”
“With the emergence of our region as a significant player in the hydrocarbon industry we are presented with a valuable chance to proactively utilize our combine knowledge and expertise in order to maximize future prospects”, Rowley noted.
By ensuring the region fully capitalizes on its resources, Rowley stressed that it can guarantee the alignment of energy and industrial transformation “with collaborative economic strategies.”
“For successful implementation these strategies must be accompanied by efficient and effective public management systems and integration into the local economy through shared infrastructure and supply chains, to this end we in the deep southern Caribbean are currently engaged in spurring a cargo ferry service which we are confident can grow into a major catalyst for welcomed regional collaboration, development and diversification”, he said.
Rowley also congratulated the Government of Guyana for bringing together “key local, regional and international energy players” at the energy conference and supply chain expo.
He said, “This conference has grown in strength and stature and has become a must-attend on the annual regional energy conference calendar for industry players, policy makers and stakeholders.”
Noting the conference’s theme ‘Fueling Transformation and Modernization’, Rowley said that it is befitting of the event’s expanded focus to incorporate a wide cross-section of industries, “the global oil and gas sector has been instrumental in providing the energy required for the significant developments in the global economy.”
