‘It’s Guyana’s time to shine, oil will not dry up for now’ – former Columbia energy minister

Former Minister of Energy and Finance of Colombia, Dr Mauricio Cárdenas posited that this is Guyana’s time to shine bright because its oil and gas resources will not dry up for now but if properly managed could transform the lives of citizens.

Dr Cárdenas was at the time making his presentation on Tuesday at the Guyana Energy Conference and Supply Chain Expo 2024, at the Marriott Hotel, Kingston, Georgetown.

He said he is confident in the Government of Guyana’s prudent management of the country’s natural resources.

“So, this is your time and you have to take advantage of these opportunities because you never had them before,” the former minister encouraged.

According to him, the sustainability of the country’s oil production is due to it having biodiversity, the natural forces, and the carbon-capture which is a natural technology and key element to increase production.

“It is likely that in the future we will be producing more oil. Now, where is that oil going to come from? The vice president of Guyana said something that is really important. He said this is the country that is going to produce that oil with a net negative carbon footprint, as such the production of oil from Guyana is here to stay and that is a fact,” the former Columbian minister stated.

Additionally, noting that many countries are decreasing their oil production, Dr Cárdenas said in the future, the only three countries that will increase their production are Guyana, Brazil, and Argentina.

“Brazil is estimated to reach six billion barrels of oil by the end of this decade, it’s currently going to four million. Argentina is another country and is doing the smart thing by developing the shale oil in Vaca Muerta, producing about half a million barrels and it could actually increase. And Guyana which is already in the six thousand barrels per day, soon reaching more than a million barrels,” Dr Cárdenas explained.

The former minister encouraged the private sector to work along with the government to build a strong and resilient oil industry, stating that Guyana is on the right track to increasing its oil production.

He added too that with the many benefits that the oil and gas sector is bringing to the country, now is the time for the Guyanese people to take advantage of everything their country has to offer.  

The 2024 Energy Conference and Supply Chain Expo being held at the Marriott Hotel, Kingston, Georgetown ends today.