The Government of Bahamas is not only pleased to witness the oil-driven transformation taking place in Guyana, it also supports its CARICOM partner in developing its oil resources on its own terms. Those sentiments were shared on Monday by Prime Minister, Philip Edward Davis during the opening ceremony of the Guyana Energy Conference and Supply Chain Expo 2024. This event is being held at the Marriott Hotel from February 19 to 22 under the theme: “Fuelling transformation and modernization.”
Prime Minister Davis noted that Guyana is transforming by leaps and bounds on account of its oil resources in the Stabroek Block which total over 11 billion barrels. “…For the past few years, Guyana’s economy has enjoyed double digit growth rates, outpacing the vast majority of global economies. In the land of many waters, we are certainly witnessing a rising economic tide,” said the Prime Minister.
He noted however that Guyana’s oil bounty is not without its fair share of challenges. In this regard, PM Davis said supply chain and logistical issues remain to be addressed. He also noted that there are geopolitical concerns which have emerged in the case of Venezuela. Since the discovery of oil, the Nicholas Maduro regime has been on a path of aggression to illegally seize the Essequibo region, even as a case on the controversy is before the International Court of Justice (ICJ).
Prime Minister Davis said he was pleased to participate in fruitful negotiations this past December which quelled tensions surrounding the Guyana -Venezuela border controversy. Those discussions were facilitated by Prime Minister of St. Vincent and the Grenadines, Dr. Ralph Gonsalves and held between President, Dr. Irfaan Ali and Maduro.
Apart from geopolitical concerns, Prime Minister Davis said Guyana will also come up against resistance of the Global North. He said this group of rich and powerful nations is seemingly opposed to new entrants taking a share of the global oil market.
Irrespective of the challenges that arise, PM Davis said his country stands with Guyana. “We support Guyana in its quest to boldly fuel its industrialization on its own terms, according to the resources that the people of Guyana have been blessed with,” said the CARICOM leader.
Prime Minister Davis said CARICOM nations are moving forward on their respective energy security programmes. As these efforts continue, he urged that member states consider the role emerging technologies in renewable and sustainable energy can play in providing stable and affordable power generation.
He added, “Considering our vulnerabilities as island and coastal nations, we must lead the way in embracing clean energy.”
In closing, PM Davis said he believes it is possible to achieve this objective while also respecting the fact that every CARICOM nation has its own unique energy realities that necessitate different approaches.
