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Guyana will be amongst last to be affected by energy transition – US Analyst
Kaieteur News – Arthur Deakin, an analyst at the Americas Market Intelligence (AMI) has indicated that because Guyana is fortunate enough to produce high-quality crude, the country is placed in a position to be one of the last countries to be affected by the energy transition. The AMI analyst shared these and other details during a Kaieteur Radio programme in early January.
US analyst, Arthur Deakin
AMI, which is a US management consultant firm, is known for providing its insights which unlock opportunities in Latin America via market intelligence, research and analysis.
During the interview, Deakin was asked whether oil producing countries have a “narrow window” to develop the magnitude of oil, to share his perspective on this, and whether he would allocate a timeframe on the issue.
First, the analyst acknowledged that it would be tough to stamp a timeframe on this “narrow window,” but he thinks that people should not take the statement “too literal.”
Deakin explained against this, “Definitely, there is this transition to renewable, which is important for the environment and just for a cleaner world. But I don’t expect that oil demand to have peaked as some projections have, that the demand has peaked already. I don’t think that that’s the case. I think that renewable energy needs to have a mix, a firm base and that either comes from gas-power plants or diesel-fuel power plants or even coal in some places.”
The analyst pointed out that the world is not yet at that place, in terms of having the adequate battery technology and storage regulation to have grids run 100% on renewable energy. To this he said, “We’ve seen that be a problem just now in Asia where there’s been a prolonged period of cold and there hasn’t been enough energy to supply this cold front, and if they were based solely on renewable energy, most definitely if there wasn’t proper storage in place, there would be a lack of supply there.”
This is why Deakin said that it is important to have a mix of both renewable and a petroleum base.
“I think that the short answer is that the narrow time frame is not that narrow. I think 50 years, probably, is a good panorama for that, and countries like Guyana with high-quality oil are likely the last ones to be affected by this energy transition. I think those are the ones that will be prioritized already and will benefit from this,” Deakin explained.
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