In the segment of paragraph 6 “Innovations and technologies...

1       We live in vulnerable energy times. The energy crisis, climate change and energy transition are all shaking and shaping the global future. “The energy realities of the world remind us that oil and gas will be here for decades to pivot a just, affordable and secure energy transition,” as John Hess, CEO of Hess Corporation, mentioned during the International Energy Conference and Expo in Guyana in February 2023.

2       As someone said, vulnerability is the birthplace of innovation and technology is the driving force behind progressive changes. Nevertheless, how can Guyana play a vital role in reordering energy security? “By embedding innovation earlier in the process, Guyana can skip several steps and avoid what most economies went through” this idea was emphasized several times during the same conference. “If we integrate innovation into Guyana’s process today, there might be some accelerated success.”

3      Guyana can play an essential role in balancing the global energy supply and demand markets and address the energy crisis by becoming a top crude oil producer globally. The goal is to become competitive in the global oil and gas market and this can be achieved by attracting and establishing partnerships with companies that can bring increased efficiency and productivity to the local oil and gas operations, from exploration and production to storage and transportation. For Guyana, this means that improvements in regulations, a transparent, secure and competitive environment for foreign investment, and incentives from the government can serve as catalysts for technology and innovation.

4      Collaborating with universities and creating a business innovation hub mentality for young entrepreneurs with government support, like loan guarantees, grants, and tax credits, will also spur the industry.

5       Innovative technology will play a critical role in climate change. The oil and gas sector must reduce its emissions by at least 3.4 gigatons of CO2 equivalent a year by 2050 – a 90 % reduction in current emissions. Guyana today can become a world leader in setting a benchmark around flaring and it’s possible for the country to achieve zero-flare objective, because “from day one the right solutions and the right technologies were properly planned and properly positioned in order to enable the extraction and the production with almost zero carbon footprint”, as the Emissions Director at Schlumberger vocalized about a year ago.

6       Innovations and technologies are key to the energy transition, from floating wind farms to solar photovoltaic farm developments, waste-to-fuel projects and green hydrogen, shaping Guyana’s energy transition and future. All this requires not only massive financial support but an innovationoriented and technology-friendly environment, with a strong emphasis on education, training and research. Nevertheless, the decision in Guyana on what technologies to adopt and how much to innovate will have a big impact on results over the long term and the government should base it on a clear vision and roadmap.