Guyana can become a regional hub for oil exportation – InterEnergy CEO

The content originally appeared on: INews Guyana
A view from offshore Guyana where oil production and exploration activities are ongoing

Guyana can soon be established as a regional hub for oil and gas exportation with the well-balanced management of energy sector.

This was the position of Chairman of InterEnergy Holdings, Rolando Gonzales-Bunster, a private sector owner and operator of power generation assets in the Caribbean and Latin America.

Gonzales-Bunster was at the time sharing his thoughts on the renewable energy transition, during a panel discussion at the Guyana Energy Conference and Supply Chain Expo on Tuesday, at the Marriott Hotel, Kingston, Georgetown.

The discussion was themed: ‘Balancing Economic Growth with Environmental Sustainability.’

“Guyana does not have to utilise the amount of oil it produces. It can become an export hub for the whole region, exporting oil and gas,” he said.

The CEO continued, “The country is blessed with an enormous amount of oil which can fund the transition into a different world. Today, the nation’s electricity grid runs on heavy fuel and inefficient equipment, but they are changing all of that. It is already in the works. They’re going to change the grid and the generation matrix. So, Guyana has the ability to change gears. It will produce sufficient funding from its oil exports.”

The country’s oil resource is currently produced in the Stabroek Block offshore Guyana.

President, Dr Mohamed Irfaan Ali has previously spoken of his government’s plan to position Guyana as a premium energy hub, potentially by exporting oil and gas.

This, however, would be achieved through the use of renewable energy sources such as hydro, wind, and solar power.

Managing Director of Environmental Management Consultants, Shyam Nokta, and Senior Director for Climate and REDD+ at the Ministry of Natural Resources, Pradeepa Bholanauth, were also participants on this panel.

The duo explained that Guyana is maintaining its environmental credentials while pursuing advancement in the oil and gas sector. They pointed to the Low Carbon Development Strategy (LCDS) 2030 as the blueprint for this plan.

The government’s matrix for economic growth coupled with environmental sustainability is rooted in a strategy of addressing and meeting current demands while building out a resilient framework to benefit future generations.

The government’s strategy is to diversify the economy using the revenue and resources garnered from the sector.

These resources are funnelled into more sustainable industries such as agriculture, infrastructure, and social services, cultivating an economy that can sustain itself without the backing of a booming oil and gas sector.

Chief Executive Office of the Ghana Petroleum Commission, Egbert Faibille; Drilling Solutions Engineer at SLB (formerly Schlumberger), Nicole Eastman, and Senior Director of Strategy at Hess Corporation, Sunaina Ocalan, were also part of the dialogue, moderated by United Kingdom High Commissioner to Guyana, Her Excellency Jane Miller.

This year’s energy conference is being held under the theme “Fuelling Transformation and Modernisation.” [DPI]