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Guyana sending oil to T&T for processing not the answer to regional energy security – VP Bharrat Jagdeo
Vice President, Dr. Bharrat Jagdeo
Kaieteur News – Despite a recent proposal by Trinidad and Tobago’s Energy Minister for Guyana to dedicate a portion of its oil barrels for processing in that nation, in an effort to address the regional energy security problem, it is not a viable solution says Vice President, Dr. Bharrat Jagdeo.
During a press conference on Thursday, the official said Trinidad and Tobago does not have a functioning oil refinery. Apart from that, he said the wider regional states that require refined products would find their external sources for fuel import more competitive as opposed to using Trinidad. He also noted that those nations would be better off with renewable energy solutions to tie into their respective grids.
The official made this known as he responded to questions about the measures or processes Guyana would take to tangibly contribute to the energy security matter. This follows on the heels of a recommendation by Young at the Guyana Energy Conference and Supply Chain Expo.
Jagdeo said, “Energy security for the region has to be looked at in the context of affordability and competitiveness. Right now, we are entitled to a number of barrels of crude as part of profit oil and we sell those crude basically through a marketing arrangement that is publically tendered…”
He added, “We don’t refine products here and the demand for the Region is for refined products and we don’t have a refinery except for Trinidad and that refinery has been mothballed since 2018.”
The Vice President said no one at this time is aware of what it would take for Trinidad to rehabilitate that structure and bring it into production mode. He said one is also not aware if Young’s recommendation is the most cost effective option.
While he holds those reservations, he said, “…I do believe however that there can be synergies between Guyana, Suriname and Trinidad and Tobago and we are always leaving open, the possibility of collaboration…but the reality is that the other countries are smaller and have demand for refined products…”
He added, “What those other nations may need to consider at a larger scale is renewable projects that can tie into their grid.”
Ahead of the Guyana Energy Conference and Supply Chain Expo, President Ali had conducted an interview on the event’s Energy Perspectives Podcast, where he spoke about Guyana’s role in regional energy security.
Given the nation’s oil and gas wealth in the ExxonMobil-operated Stabroek Block, Ali was told that many of Guyana’s regional partners are expecting that it plays a leading role in regional energy security. On this he said, “I don’t think we have a role, we have a responsibility. We are part of a region and I believe that part of our responsibility is to ensure that the region has reliable energy, affordable energy and we will be working with our regional partners on a mechanism through which we can help the region in having affordable energy and reliable energy.”
He further noted his belief in the need for greater integration while calling for the removal of all barriers to trade. “I want us to work on removing all the barriers so that this region could be producing all the food that we need for ourselves with Guyana of course playing a key and important role, not because of anything else, but because we have a competitive advantage here,” said the president.
The Guyanese leader also stressed that he intends for Guyana to be known for more than just oil.
“We want to be known as a country with a diversified economic base that is providing leadership on food, climate, energy, and has the highest level of skill, human resources, and of course, a country that is the premier ecotourism destination,” the president concluded.
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