On the second day of CERAWeek hosted by S&P Global, dynamic discussions unfolded, focusing on innovation, energy security, and the global dynamics influencing the energy sector. A notable luncheon featured a conversation between S&P Global Vice Chairman Daniel Yergin and Guyana’s President and Commander-in-Chief H.E. Dr. Mohamed Irfaan Ali, who shared insights into the factors driving the nation’s swift economic advancement and future prospects.
During the event in Houston, Texas, President Ali addressed attendees, emphasizing Guyana’s emergence as a significant player in oil and gas development, which has captured the attention of the global energy community. The ballroom was filled with participants eager to gain firsthand knowledge from the country’s leader. Yergin provided a brief overview of Guyana’s oil development history, highlighting that the first discovery occurred nearly a decade ago in 2015, with production commencing in 2019. Currently, Guyana produces 500,000 barrels per day (bpd) and is poised to ramp up production to 1.5 million bpd within the next two years.
President Ali expressed both humility and confidence regarding Guyana’s growth narrative, underscoring the critical role of infrastructure investment and the overarching aim of fostering economic resilience.
“You cannot attract investment without resources, and you cannot access resources without exploring your natural reserves,” Ali stated. “This approach has enabled us to advance Guyana through economic diversification, with resilience at its core. Our ambition is to become an energy hub—a stable entity that provides energy security, stability, and ultimately, political stability.”
He emphasized that investing in essential infrastructure to support the private sector was vital for Guyana’s successful foray into the oil and gas industry, remarking, “From the outset of our oil journey, we recognized the importance of this investment.”
SOURCE: World Oil