The appropriate Long-Term View to pursue

Jun 13, 2020 Letters

DEAR EDITOR,

In the recent past Mr. Alex Volkov Vice President of Global LNG Marketing from our very own supplier Exxon, was in an interview with the Petroleum Economist on June 1st “ExxonMobil Takes The Long-Term View” speaking to the importance of Natural Gas. He clearly and very positively stated that Natural Gas was cleaner than coal and would play a great supportive role in a green energy strategy comprised of solar and wind. He even went so far as to say “It is reliable, efficient and flexible—making gas well-suited to help meet peak demand and play a crucial role in securing our cleaner energy future”. He also stated, “LNG in particular is a game changer, allowing us to ship this cleaner-burning fuel in quantities that we have not seen before, to destinations where it is needed all over the world. The technological and commercial advances that the industry has put in place over the last decade—such as floating storage and regasification units, small-scale LNG and flexible supplies—have enabled and will continue to power additional demand growth”.
In addition, Vietnam is structuring an agreement with Exxon that would make the supplier a key partner for the supply of LNG. A very lucrative opportunity that Guyana should ensure it also leverages once our local power generation needs are met. As for the current depletion of this expensive resource, it would be prudent for the EPA and the Ministry to negotiate a payment equivalent to the lost value of this precious resource at the market price plus the cost of the environmental damage caused by the flaring. After all, this long ongoing operational issue is one which Exxon has to bare a substantial part of the burdens as it is an avoidable expense outside of normal operations.
As for the “long-term view”, Guyana’s view was appropriate concerning the use of its limited natural gas supplies within five years. We should continue to insist on being able to use our Natural Gas as soon as possible. Five years is more than realistic. The market dynamics is changing quickly and our supplier is considering entering the power generation market, so the timing may be ripe to explore this option with them.
Exxon is aware that its long term profitable is not sustainable if it doesn’t adjust to the environmental and market needs as they change. It is important that both Exxon and Guyana show a high level of agility as we deal with the development of our energy portfolio. We must do so in a manner that both protects the environment and enhances the profitable growth of all stakeholders. This would be the appropriate Long-Term View to be pursued.

Best regards,
Mr. Jamil Changlee
Chairman
The Cooperative Republicans of Guyana

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