LAST week, U.S. Vice President, Kamala Harris, hosted a virtual meeting attended by heads of states from 15 Caribbean nations to discuss U.S. commitment to advancing cooperation for economic recovery, mitigating the climate crisis, and other areas of concern. President, Dr. Irfaan Ali attended this summit and called for a “strong and strengthened relationship” between the US and Guyana and better coordination through CARICOM.

In his remarks, President Ali repeated calls for cooperation on areas of mutual benefit, including energy. “There is an absolute need for the building of trust—trust in our policy formulation, and trust and predictability in what we do; trust in the partnership that we seek to endeavour and this trust, I think, must lead to an institutional arrangement, outside of the annual meeting that will allow us to address some very key issues—energy and climate change being two of them,” President Ali said.

On the much-debated subject of Guyana’s sovereign rights to produce its oil and gas, President Ali asked attendees “if you’re locking out new suppliers, it is to whose advantage? We can very well be creating a monopoly for those who are already in the business, who have already extracted this natural resource and developed their own jurisdiction.” These remarks track with a broader emerging narrative that other Guyanese and regional leaders have highlighted: that developing countries should not be unfairly blocked from development by long-time oil producers in the developed world.

At a private sector meeting back in December of 2021, Vice President Bharrat Jagdeo also alluded to how hypocritical policies would affect new producers like Guyana. “In the developed world, they want more oil pumped [at home] because prices are escalating and affecting their people, their businesses, their consumers,” Jagdeo said. Demand has continued to surge, even as oil-producing developed nations like Norway call for the developing world to halt production. Meanwhile, legacy producers like the US, Canada, and Norway continue to explore and develop new fields. The right to produce is fundamentally a decision that belongs to the people of Guyana and its elected representatives. In Guyana’s case, the government strongly believes that oil represents the best chance to earn the capital needed to grow the economy, improve the standard of living, and build stronger and more resilient infrastructure.

Just recently, three new discoveries have been made at the Patwa, Barreleye, and Lukanani wells. After full assessments are made, it’s likely these new discoveries will be added to the Stabroek Block’s estimated resources of nearly 11 billion barrels of oil. In preparation for up to ten FPSOs operating in Guyana by the end of the decade, ExxonMobil has increased investment in local facilities such as the just-announced Vreed-en-Hoop Shore Base Inc. (VEHSI) project, a majority Guyanese owned operation that will significantly boost logistics capacity in all sectors. These investments represent confidence that Guyana’s position as a stable and democratic oil producer will be a precious commodity in the coming decades, as it joins a small handful of countries that produce more than one million barrels of oil per day.

With more oil production comes the potential for more investment, better infrastructure, and a wealthier society. For Guyana, the timeline to reap the full benefits of oil and gas developments will not last forever. For every project delay, Guyana stands to lose millions of dollars in revenues that could go a long way to funding priorities like schools, roads, bridges, and healthcare. This is why countries like Guyana and others in the region are demanding the autonomy to utilise their resources without interference.

The right to own natural resources and to reach the global net zero emissions goal by 2050 can be accomplished simultaneously. New oil producing countries are just now reaping the benefits of investments flowing into their countries and economies. As Prime Minister Mia Mottley of Barbados explained at a climate conference early last month, developing countries needed “a way to finance our route to net zero,” and if the wealthy nations that “caused the problems” would not provide funding, they would need to find other ways to generate revenue, such as exporting fossil fuels. “There has to be equity,” she said.