International Energy Conference Begins in Guyana
Guyana will hold its international energy conference today. The four day event will host government and industry leaders from around the world and serve as a forum to discuss trends in the energy market as they relate to Guyana.
For decades, Guyana ranked as one of the poorest nations in South America due to a lack of natural resources. The discovery of vast oil reserves off the country’s coast in 2015 provided the country with a lucrative opportunity.
Since 2015, Exxon, Hess, and China National Offshore Oil company have all penned deals with the Guyana government. However, these deals have been notoriously one sided and failed to provide local governments with needed revenue streams. Expect local officials to emphasize the necessity of equity between oil companies and the public.
US and EU officials will also be in attendance at a time when Western nations are feeling the effects of high oil prices. Tensions in Eastern Europe have raised energy prices which is compounding inflation. Therefore, despite rhetoric of striving toward reducing fossil fuel consumption, Western officials will seek to negotiate deals that pump more Guyanese oil to ease consumer prices.
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