By Antonio Dey | HGP Nightly news |
GEORGETOWN, GUYANA — The Fifth Guyana Energy Conference and Supply Chain Expo entered its second day with a bold vision for the southern Caribbean. Minister of Natural Resources Vickram Bharrat confirmed that Guyana is on a relentless trajectory to produce over 1.2 million barrels of oil per day (bpd) by 2027, a feat that would solidify its position as the undisputed energy hub of the Caribbean.
The conference, held at the Marriott Hotel, also highlighted a strategic pivot toward regional integration, with Trinidad and Tobago pledging to repurpose its industrial expertise to support the burgeoning oil and gas sectors in Guyana and Suriname.
A Cautionary Tale: The Guyana vs. Venezuela Model
In a pointed keynote address, Minister Bharrat used neighboring Venezuela as a “cautionary example” of how vast reserves can be squandered without sound leadership and transparency.
- The Reserve Gap: While Venezuela holds nearly 300 billion barrels in reserve compared to Guyana’s discovered 11 billion barrels, the Minister noted the stark difference in economic outcomes.
- Leadership and Stability: Bharrat attributed Guyana’s status as the world’s fastest-growing economy to the 2021 Natural Resource Fund (NRF), which ensures that sovereign wealth is managed with strict parliamentary oversight and conditional withdrawals.
- Local Participation: To date, over 1,200 local businesses are integrated into the oil supply chain, with nearly 7,000 Guyanese already trained for specialized roles.
Trinidad & Tobago: A Regional Partnership in Petroleum
Trinidad and Tobago’s Minister of Energy, Dr. Roodal Moonilal, followed with a commitment to cross-border collaboration. Recognizing that Guyana and Suriname are the “new frontiers,” Trinidad is positioning its mature infrastructure as a regional asset.
The “Petrotrin” Restart: Minister Moonilal confirmed plans to restart the Guaracara (Pointe-à-Pierre) refinery near San Fernando, which has been shuttered since 2018.
- Capacity: The refinery is expected to process 150,000 to 165,000 bpd.
- Regional Feedstock: Trinidad is eyeing crude supply from the southern Caribbean—specifically Guyana, Suriname, and Venezuela—to feed the facility.
- Industrial Synergy: Dr. Moonilal reminded delegates that Trinidad currently operates 10 ammonia plants, 8 methanol plants, and 3 LNG plants below optimal capacity, all of which could benefit from regional gas developments.
Investing in the Future: The Guyana Technical Training College
A cornerstone of the “Energy Hub” strategy is the newly commissioned US$120 Million Guyana Technical Training College Inc. (GTTCI) in Port Mourant, Berbice.
- World-Class Training: The facility is designed to train thousands of Guyanese in disciplines ranging from instrumentation and electrical to specialized offshore mechanical programs.
- Regional Access: President Ali has stated that while the college focuses on Guyanese, it will be open to trainees from Suriname and Trinidad and Tobago, becoming the premier deep-sea drilling training center in the world.
- Investment Per Trainee: The government is investing approximately US$150,000 per student to ensure they receive international certification without needing to travel to Canada or Europe.
“The country with 11 billion barrels of oil is the fastest growing economy in the world… we have positioned ourselves as the energy hub for the Caribbean,” Minister Bharrat concluded.
