With increasing energy security challenges facing the region, Prime Minister of Trinidad and Tobago, Dr. Keith Rowley today said Guyana, as well as Trinidad and Tobago and Suriname, as the three oil producing nations in the region, can play a critical role in averting the challenges currently being faced in the region. 

Speaking at the opening of the Guyana Energy Conference and Supply Chain Expo at the Guyana Marriott Hotel, Dr. Rowley said the region is no stranger to challenges, and he calculated that CARICOM countries on average import an estimated 87% of their oil, compared to a global average of 21%.

He believes the dependence has left the region vulnerable to energy market volatilities which take a toll on crucial economic sector.

“In order to ensure energy security for the region and combat the negative impacts of climate change, it is imperative that we effectively utilize our resources, whether there be hydrocarbon or renewables through collaborative efforts. Only by working together, can we obtain our objectives of fostering productive and resilient economies in what promises to be an increasingly hostile business environment,” Dr. Rowley noted.

Prime Minister Rowley noted that although the industry finds itself in a delicate situation due to climate change, the region’s oil producing countries must maximize their resources for the development of their nations and the wider region.

He said the Caribbean energy economies—Trinidad, Guyana and Suriname, will not be irresponsible nor shy away from beneficial opportunities coming from the sector.

“Linking the energy and industrial transformations, enabled by emergency transitions to a broader economic cooperation would help to ensure that the regions make the most out of its hydrocarbon resources, events of this nature, such as the recently held Trinidad and Tobago energy conference, the current Guyana energy conference and the Suriname energy summit. These are vehicles which bring us all together with the central objective of advancing the region’s hydro-carbon for the benefit of all its stakeholders. 

According to the Prime Minister, the Caribbean region must have solid strategies in place for shared infrastructure and supply chains which can drastically reduce the cost for transportation for example in the region. 

He urged oil producing nations within the region to learn from the experiences of Trinidad and Tobago and not only focus on the oil sector, but also pay key attention to other sectors and diversify.

Related posts:

Rowley pitches TT’s state refinery for use by Guyana’s oil sector Trinidad and Tobago PM confirms attendance to Guyana International Energy Conference in February Guyana and Suriname playing key role in drafting regional energy policy Pres. Granger and PM Rowley hold bilateral talks in Port-of-Spain