As Guyana advances along the path of developing its oil and gas potential, the country is seeking partnerships, not just “associations of convenience”. So said Energy Department Head, Dr. Mark Bynoe as he addressed potential industry investors at the second Annual Guyana International Petroleum Business Summit and Exhibition (GIPEX) 2019 being held in Georgetown.
His comments come against the backdrop of Guyana’s sordid history of getting the dirty end of the stick when it comes to relations with foreign companies.
Dr. Bynoe said that while Guyana seeks partnerships in the oil and gas sector, these arrangements must be in consonance with the country’s rich biodiversity, and along the lines of supporting the pillars of our economy.
He said, “In short, we are welcoming, but also determined in where we as a country want to go.”
The official said that with industry standards requiring that the petroleum industry adopt Corporate Social Responsibility (CSR) as part of its business model to address the social challenges of its host communities, an opportunity is provided in Guyana for an increased focus in addressing all forms and scale of energy in consonance with the country’s Green State Development Strategy (GSDS) Vision 2040.
“We all need to work together to reduce our carbon footprint, inclusive of utilizing such techniques as carbon capture, utilization and storage, minimizing methane emissions during the production process of natural gas, and following extraction methods that are environmentally sustainable, socially palatable and economically viable,” he said.
