(Energy Analytics Institute, Piero Stewart, 15.Aug.2018) – The three promised to return to discuss all things Guyana again in six months as the small South American country eyes first oil in 2020.
A three person panel — comprised of Guyana’s Minister of Finance, the Honourable Winston Jordan, Trinidad and Tobago’s Former Energy Minister Kevin Ramnarine, and hosted by Caribbean Economist Marla Dukharan — discussed issues related to Guyana included but not limited to oil, economics, finance, supply issues, infrastructure, and migration, among others (watch the full video below).
What follows are brief highlights as posted during the webinar under the Twitter hashtag #LatAmNRG:
From Kevin Ramnarine …
— “In Guyana, we have moved from 1 to 8 discoveries,” Ramnarine says. He continued: “With an 80% success rate, only 2 wells have been dry.”
— “The whole world is talking about Guyana,” Ramnarine says.
— “Oil production in Guyana is expected to come online at 120,000 barrels per day d in 2020 and peak at 750,000 barrels per day by 2025, according to Exxon,” Ramnarine says.
— “In the early years, Exxon will likely recover Capex. Then, by 2025 we could see an exponential rise in revenues [in Guyana],” Ramnarine says.
— “An infrastructure deficit in Guyana has slowed development in the interior of the country,” Ramnarine says.
— “You want a competitive oil and gas sector that supports that sector,” Ramnarine says.
— “The private sector should take the lead to develop [Guyana’s] infrastructure,” Ramnarine says.
From Winston Jordan …
— “ExxonMobil has put Guyana on the map,” Jordan says.
— “We see ourselves as the Dubai of the Caribbean,” Jordan says.
— “Guyana has infrastructure and human capital resources deficits,” Jordan says.
— “The Guyana tax system is expected to become more efficient in the future,” Jordan says.
— “We have a lot of challenges, but none are insurmountable,” Jordan says.
— “Guyana is putting together a migration policy to give certain benefits to those wanting to return home,” Jordan says.
— “Guyana will seek a loan with the World Bank to assist in the migration process,” Jordan says.
— “There is no definite word yet about a future refinery in Guyana,” Jordan says.
(With special assistance from Melissa Marchand, who moderated the Q&A session).