The third day of the International Energy Conference and Expo Guyana 2023 began with presentations from the Honourable, Brigadier (Ret’d) Mark Anthony Phillips, Prime Minister of Guyana; the Honourable Dr. Ashni K. Singh, Minister of Finance (Guyana); Professor Harrie Vrendenberg from the University of Calgary (virtual); Dr. Mahender Sharma, CEO of the Guyana Energy Agency; and Isaac Solomon, Vice President of the Caribbean Development Bank.

The Prime Minister of Guyana started with a recap of the week’s discussions before elaborating on the areas of growth that Guyana has seen in a socioeconomic and financial context for the past few years. He stated that the non-oil sector has increased by 11.5%, and that the oil revenue has increased Guyana’s GDP by 6.2%. The Prime Minister stated that the demand for energy on a national and global level will increase and double in forthcoming decades, and as such, Guyana needs to balance that demand through the use of flexible and reliable energy sources. He mentioned that there is a governmental goal to reduce the cost of electricity in Guyana by 50%, and this is being done through the employment of hydropower, solar and wind energy sources throughout the country. The Prime Minister then recapped most of the initiatives that have been taken to work towards a more sustainable Guyana.

Minister Ashni Singh offered a very thorough statistical recap of Guyana’s economic state, with a few comments on factors that would have impacted Guyana’s economic state, such as COVID19 and the Russian war on Ukraine. He stated that there is an overdependence on particular economic sectors, and thus is it of high importance for the country to continue achieving a strong non-oil economic growth. The Minister also proudly stated that over the past three years, the Guyanese economy has tripled in size. Guyana was also said to hold the third largest reserves in Latin America and the Caribbean. Minister Singh explained the function of the Natural Resource Fund (NRF); where all revenue earned from this sector can be deposited and only withdrawn in accordance with a transparent formula that is easy to interpret and free of political discretion or judgement.

Professor Harrie Vredenberg joined the conference virtually and shared his presentation on the topic of energy transition. He discussed areas such as climate change, the perspectives of environmental activists, and steps that a nation making an energy transition should consider. The professor concluded his presentation by discussing a documentary film that he has produced on energy transition in the Caribbean islands of Barbados and Trinidad & Tobago.

Dr. Sharma from the Guyana Energy Agency provided a summary of the completed projects that the agency has worked on and those that are currently in the works, specifically the ones located in Region 9. There is a goal to make that area a renewable energy hub.

Isaac Solomon of the Caribbean Development Bank spoke of sustainability and the “resilience” required to boost the economies of Caribbean countries who produce renewable energy. He mentioned that energy security is currently a top priority, and that the main focus on the CDB’s energy sector strategy is to support the increased scale and pace of the transition across all member countries.

The fourth day of the Conference will be focused on the Youth Engagement Forum.

According to estimates by the WorldBank and International Monetary Fund( IMF), Guyana, one of Latin America’s smallest countries is set to post the world’s highest GDP growth.  For several years, since the production of crude oil begun through Exxon’s Liza development, the country has outpaced global growth averages.

It is projected that at the end of 2023 Guyana’s GDP growth rate will be close to 100% compared with 2021 figures. According to IMF estimates, Guyana will grow 57.8% this year and 25.2% next year, resulting in a GDP increase of around 97.6% in two years. Meanwhile, the World Bank forecasts an increase of 47.9% for 2022 and 34.3% for 2023. This equates to a 98.6% GDP jump over the two-year period.

In comparison the IMF reports the Latin America and Caribbean average is approximately 3.5% in 2022 and 1.7 in 2023.

Bloomberg’s radio show featured an episode titled, “Guyana is the most exciting story in the world oil market”. In the episode, hosts shared the story behind Guyana’s meteoric rise in GDP growth and shared that since 2015 one in every  three barrels of oil discovered has been in Guyana. You can listen to the full episode here.

In the energy industry Guyana continues to be one of the most prolific provinces in the world and the Government in Guyana has consistently reiterated that the people of Guyana must benefit from the hydrocarbon sector. The International Energy Conference and Expo will play part in highlighting these issues. The theme for the conference in 2023 is Harnessing Energy for Development.

On February 17, 2023, the International Energy Conference Guyana 2023 came to a close. The morning session featured speeches from various representatives, including those from SBM Offshore, ExxonMobil Guyana, Halliburton Caribbean Geo Market, Spherex Analytics, the University of Guyana, and the Ministry of Natural Resources.

Recurring themes of: economic transformation, recruitment and training, and opportunities for youth were introduced to the audience of young professionals and students in attendance. Highlights from the speeches are summarized below.

Bobby Gossai Jr. from the Ministry of Natural Resources discussed the employment of young people in the growing oil and gas industry. He highlighted the gap between current supply and growing demand for qualified skills at a technical level. Mr. Gossai shared some of the efforts being made by institutions in the country to offer training to young people interested in entering the industry. He further emphasized the importance government has placed on investing in people and infrastructure to drive development and improvements.

Continuing the theme of people and infrastructure investment, Joel Bhagwandin from Spherex Analytics explained the concept of ‘brain drain’ and the need to offer more opportunities for educated people in the country to enable local Guyanese to play an active role in how the energy sector evolves.

ExxonMobil Guyana representative Leonard (Ryan) Hoppie talked about the support his organization is offering young people in the country, particularly those in STEM fields and with persons with disabilities. ExxonMobil has also created programs to provide mentorship and internship for young people, opening doors that were previously inaccessible. Hoppie encouraged young people to take advantage of these opportunities to play an active role in the growth transformation in the region.

Grace Hutson from Halliburton, spoke on the role of students in the conversation on energy and shared details about the United Nations’ Sustainable Development Goals. She offered guidance to young adults with ambitions to enter the oil and gas sector, emphasizing the importance of being proactive to gain exposure and experience through networking.

Finally, Norwell Hinds analyzed the conference theme “Harnessing Energy for Development” and discussed the various ways the University of Guyana has adapted to cater to the needs of the growing oil and gas sector through courses and research. He highlighted the potential need for roughly 200,000 professionals across various industries in this thriving sector.

Overall, the final session of the International Energy Conference Guyana 2023 helped clarify a path for local involvement that engages and maximizes youth potential in a manner that sees the oil and gas boom directly powered by the next generation.