February 19, 2025
GEORGETOWN, GUYANA – Vice President Dr. Bharrat Jagdeo expressed strong confidence in the continued growth of Guyana’s oil and gas sector during the first day of the energy conference.
Addressing concerns about global challenges, including the potential for oversupply in the global oil market, Dr. Jagdeo reassured the audience that the demand for fossil fuels would remain stable in the foreseeable future, despite increasing production in other countries, including the United States.
He explained that ExxonMobil, a key player in Guyana’s oil industry, is already in the process of seeking approval for additional offshore oil projects, signaling a commitment to expanding operations in the country.
The Vice President also addressed the issue of Guyana’s net zero target, affirming that the country would maintain its pledge to be a net zero emitter.
He explained that the country’s forests, which are among the most carbon-dense in the world, play a crucial role in achieving this goal by absorbing more carbon dioxide than is emitted through the country’s activities.
Dr. Jagdeo highlighted that Guyana’s laws are designed to protect its natural environment, particularly its forests, and emphasized the nation’s low deforestation rate, which is one of the lowest in the world.
The Vice President reiterated that the government remains committed to sustainable development practices, ensuring the country continues to meet its climate goals while expanding its petroleum sector.