SOME activists have recently raised questions about the pace of development for Guyana’s oil and gas industry, and whether the speed could pose safety issues. A foreign-based environmental group has even gone so far as to call on CARICOM leaders to pressure Guyana to pause new developments for an indefinite period.

Beyond the politics and media attention, it’s important to understand exactly what a delay would mean for Guyana. Oil and gas development has a timeline; measured in decades. Going from exploration to production takes many years, even with large investments. Delays in approvals now, as activists are calling for, could push Guyana’s full oil production later in the century, into a future where the demand for oil is more uncertain.

These efforts also ignore the reality that the pace and safety of development are largely unrelated. The speed with which these resources are being developed is a reflection that Guyana is a priority for investment and attention right now. The country has already received the largest investments in its history, and has received some of the largest investments made anywhere in the world for offshore development over the last few years.

The accelerated pace of development also reflects the world-class skill and efficiency of thousands of experts, many of whom are Guyanese, who are working to take advantage of a limited time opportunity to maximise Guyana’s earning potential. International energy analyst Arthur Deakin wrote recently that contrary to the statements of some, oil is not a resource that Guyana can hang on to indefinitely, and still expect revenues. “Some local critics claim that oil don’t spoil, and that development is happening too fast. But, in a time of tight oil supply, growing energy demand, and concerning geopolitical risks, Guyana can serve as a cleaner, reliable source of oil and gas,” Deakin wrote.

Guyana has already made strides to balance its new developments and partnerships by enhancing its safety measures and preparedness. There is a National Oil Spill Response Plan as a first line of defence, and authorities conduct regular exercises with regional and international partners to train response personnel to move swiftly in the unlikely event of an accident. This planning and preparation include cooperation between operators, national agencies, and representatives of other countries and stakeholders that could be affected.

For Guyana, there is a strong incentive to develop oil in a way that is both fast and safe. While oil demand is likely to remain high in the near-term, there is ample reason to be concerned about the long-term prospects in a warming world where electric cars and renewables are growing rapidly. Oil remains vitally important to the global economy, but high prices and high demand are unlikely to last many decades into the future. That means the best time for Guyana to get the most wealth out of its oil is now.

This country also needs significant new revenues in the short-term to invest in infrastructure, education, healthcare and social programmes, as promised by the government. A “pause” to development, resulting in long delays, could have far- reaching impacts across Guyana’s development plans, not to mention its potentially devastating impacts on the growing number of industries and workers already benefitting from oil and gas contracts. Local companies and industries are expanding, retraining, and learning to support the oil industry, but uncertainty about whether projects will continue to be approved could bring that to a halt.

Activists have a right to their concerns, and a steady, careful approach to oil development is always important. But slowing approvals, or pausing development artificially, at the behest of environmental groups who oppose oil development, more generally is a poor recipe for the kind of growth that Guyana is seeking.

Ensuring sustained economic and social investments in the country for the foreseeable future means ensuring a steady pipeline of projects that take advantage of Guyana’s spectacular good fortune offshore. Guyana is already well-placed, and prepared to mitigate the risks and reap the benefits of oil production, while meeting its long-term development goals.