The heavy pace of oil exploration and production in Guyana is not only major for the prosperity of the country, it is pivotal to the stabilization of the global energy market. This reality was highlighted this morning by Laura Lochman, Principal Deputy Assistant Secretary, Bureau of Energy Resources, United States Department of State when she addressed the ongoing La Jolla Energy Conference in California.
Guyana currently produces 645,000 barrels of oil per day, and the projection is that it will produce some 1.3 million barrels per day by 2027.
As she addressed the conference, Lochman noted Guyana’s success in the area of safely exploiting its oil resources. Noting the pace of development and production, she said that Guyana’s resources are reshaping energy markets and positioning the country to become one of the major oil producers in the Americas.
The State Department representative said that the extra oil capacity that Guyana, Brazil, Argentina and the US is adding to the global energy market is already playing a huge role in stabilizing the market. Importantly, she said that this reality makes it harder for those who are usually in the habit of manipulating energy prices, to harm consumers in South America, and the global south.
Lochman noted as well that Guyana is also setting clean energy goals in support of the US-Caribbean Partnership to Address the Climate Crisis for PACC 2030.
