Guyana’s vast oil resources could not only help its Caribbean brothers and sisters achieve regional security, but it can also enhance the Caribbean Community’s (CARICOM) bargaining position on the global stage. This is according to Dr. Vernon Paltoo, President of National Energy Corporation of Trinidad and Tobago Limited.
Speaking on a recent episode of the Energy Perspectives Podcast, Dr. Paltoo stressed that while individual countries can achieve success independently, a collective approach would amplify CARICOM’s power in global energy negotiations.
“Energy security for the region means that we will be building something that puts us in a negotiating position where we can bargain as a region with the rest of the world and dictate the terms we want for our energy right,” Dr. Paltoo explained.
He added, “Now energy security in the future will come in an integrated form, simply because at present, the Caribbean has a unique offering, we can offer fossil fuels…and we have a lot of potential for renewable energy across the other islands.”
Dr. Paltoo highlighted that regional unity would allow CARICOM countries to move beyond energy dependence and establish themselves as influential players in global energy markets. He pointed out that CARICOM collectively represents a population of 20 million people, spread across a vast geographical area, which provides a strong foundation for negotiating better energy deals and ensuring long-term stability. “I’m very passionate about that in terms of regional development and regional integration because we are much stronger when we work together and when we build things together CARICOM,” Dr. Paltoo stated.
He also stressed that Guyana, with its emerging oil and gas sector, has a significant opportunity to contribute to this regional energy framework. He noted that the country’s resources, when integrated into a regional energy plan, could provide stability in energy supply, drive economic growth, and reduce reliance on external markets.
“With lower cost of power across the region, access to food security and energy security goes hand in hand…when we have both food security and energy security as a region, we get economic prosperity because we depend on no one, so we can feed ourselves, we can provide the energy, our import bills for the two most expensive commodities are reduced to almost zero and so we become strong as a region and that in itself drives economic prosperity,” he stated.
Moreover, he encouraged regional leaders to seize the opportunity to integrate energy production, distribution, and trade to enhance their collective strength. “Alone, we can get success but when we do it together a a region, we become very powerful so there’s an opportunity here for Guyana to play a key role in that future scenario,” he said.
