`I have no doubt that the demand for fossil fuels will remain strong
globally, even as renewable energy sources continue to scale up’
By Khamisi Slowe
Youths from across the country on Friday seized the opportunity to question Vice President Bharrat Jagdeo on future job prospects in Guyana’s burgeoning oil and gas sector.
During the interactive session at the Guyana Energy Conference and Supply Chain Expo at the Marriott Hotel, several students raised concerns about the long-term viability of careers in the oil and gas industry, especially in light of shifting global energy dynamics and environmental concerns. One student pointedly asked how potential geopolitical changes, such as the US government’s renewed interest in Venezuelan oil, might impact Guyana’s oil production and the job market for future graduates.
In response, Jagdeo reassured the youth that Guyana’s oil and gas sector remains strong and is poised for long-term sustainability. He emphasised that despite changes in global oil politics, demand for fossil fuels is expected to remain high for the foreseeable future.
“I have no doubt that the demand for fossil fuels will remain strong globally, even as renewable energy sources continue to scale up,” he stated.
Meanwhile, addressing concerns about the volatility of oil prices and its potential impact on the economy, Jagdeo stressed the importance of prudent fiscal management.
“We have to be balanced in how we manage the budget, considering both short-term and long-term objectives. It’s crucial to ensure economic sustainability even if oil revenues fluctuate,” he stated.
Jagdeo highlighted the government’s commitment to preparing the youth for the future job market.
“We have made university education free. Not just university, but this year we removed fees from all technical institutes because we believe that young people, if equipped with the right skills, can prosper,” he said.
Moreover, he asserted that there are no spending limits when it comes to education. “There is no restriction on the amount of money we will spend on educating our people,” Jagdeo said.
When asked about opportunities for special needs individuals, Jagdeo outlined targeted interventions funded through oil revenues. These include cash grants, increased pensions, and expanded public assistance programmes to ensure inclusivity in both education and employment.
Another pressing issue raised by students was the environmental impact of oil production. Jagdeo addressed these concerns, contending that oil and gas development in Guyana is being pursued responsibly.
“Producing oil and gas will help us adapt to climate change, drive prosperity, and expand investments in other sectors. But it’s not going to destroy the natural beauty of our country,” he said.
Jagdeo also spoke about the government’s strategy to reduce dependency on oil over time by diversifying the economy and investing in renewable energy sources. “We’re working on a diversified energy mix, including renewable energy, to complement our fossil fuel use. This approach ensures we’re not overly reliant on a single sector for our future prosperity,” he explained.
However, Jagdeo cautioned that while oil revenues are substantial, the government is focused on creating a diversified economy to safeguard against future market downturns.
“We are committed to ensuring that prosperity isn’t just tied to oil. By investing in healthcare, infrastructure, housing, and education, we’re building a resilient economy that offers opportunities for all,” he added.
The youth forum ended on an optimistic note, with students expressing appreciation for the opportunity to engage directly with the vice president and gain insight into the government’s plans for their future in an evolving energy landscape.
