Guyana offers UK energy security

Last Updated on Wednesday, 16 November 2022, 13:26 by Denis Chabrol

President Irfaan Ali on Wednesday said  Guyana could offer the United Kingdom (UK) energy security by guaranteeing hydrocarbon supplies to its former colonial power which does not have a reserve.

Speaking during the working session of a meeting with a United Kingdom trade delegation and Trade Commissioner for Latin America and the Caribbean at UK Department for International Trade, Jonathan Knott, Dr Ali urged the business sector to examine opportunities in Guyana’s energy sector to ensure there is security in the UK because that European nation does not have reserves it could inject into the market to deal with shortages and rising prices.

“UK you don’t have that your face with the full blunt of the open market. And I think together we should work on seeing how we support each other. Because if there’s a way and so there are definitely ways in Guyana in which even your energy security can be secure to avoid us doing that transition,” he said.

Due to the Russia-Ukraine war, the UK has been searching for alternative supplies of crude and natural gas.

The Guyanese leader noted that the better option is to continue using hydrocarbons- crude oil fuels and natural gas- rather than reviving coal generation. He encouraged the British Trade mission to invest in the energy sector to provide that kind of security

Experts say that natural gas can be used as a transitional fuel from hydrocarbons to green energy but the President said sourcing available supplies is still an unresolved question.

While the Guyana government would be auctioning 14 oil blocks, the administration has said that others would be reserved for government-to-government arrangements. Details have not been provided.

Trade Commissioner for Latin America and the Caribbean Mr Knott and Guyana’s Foreign Affairs Minister Hugh Todd on Wednesday inked an Economic Partnership Agreement  between the two countries

The UK recently quashed visas for Guyanese who would like to visit that country for up to 90 days. British Airways earlier this month resumed flights to Guyana for the first time in several decades.