Sunday, December 17, 2017

Take care, Guyana, on becoming energy-rich *

Trinidad and Tobago is in the helpful position of welcoming Caricom neighbour Guyana, to the community of hydrocarbon-producing countries. In Guyanese waters, bountiful quantities of oil have been discovered, through patient exploration by the US multinational, Esso.

With pumping of crude for export next on the agenda, the country is poised for economic take-off into a flight path long familiar to T&T.

Eagerly expected is production of a volume likely to boost its economy to a level imaginable by a T&T long earning the appellation, “energy-rich”.

As a newcomer to the world and regional energy producers, Guyana is destined to share an experience alternately described, over the long term, as a blessing and a curse. Everything depends on which path decision makers, and the country as a whole, follow upon realisation of a new income source, and exciting prospects for business and economic development.

As Express Business Energy Insider columnist David Renwick noted this week, “the presence of oil and gas in a country reshapes its destiny almost overnight”.

T&T energy experts and service companies will be seeking out business prospects in nearby Guyana, much as they have been doing with new producers in Africa.

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