–Fmr. US Secretary of State Pompeo says; highlights country’s potential, calls for international investments

WITH Guyana poised to become a key player in the energy sector, former U.S Secretary of State Mike Pompeo highlighted the significance of its oil and gas resources in securing both its own stability and promoting stability at regional and global levels.

Making a virtual appearance on the first day of the Guyana Energy Conference and Supply Chain Expo, hosted at the Marriott Hotel in Kingston, the esteemed former US statesman emphasised the crucial significance of energy in enhancing both national security and economic well-being. His remarks specifically highlighted Guyana’s growing prominence in the global energy arena.

Pompeo first articulated the intrinsic link between energy production and national security, highlighting that “energy is not merely an economic issue.”
Drawing from his extensive diplomatic experience, he highlighted the omnipresence of energy discussions in meetings with global leaders, underscoring its importance to worldwide peace and stability.

Pompeo stressed the global repercussions of energy scarcity, citing higher inflation, stunted growth, and increased suffering.
He condemned the manipulation of energy supplies by countries like Russia and Iran for geopolitical gain and cautioned against similar tactics from Venezuela’s leadership.

Reflecting on his tenure, Pompeo shared how American policies prioritised energy independence, ensuring national security and prosperity without reliance on foreign entities.

He positioned this strategy as a blueprint for Guyana, emphasising the country’s potential to become a major energy producer.

“Guyana’s energy, your natural resources, your innovation in the energy space, all of that together will deliver security to Guyanese people,” Pompeo declared, highlighting the significance of Guyana’s energy sector not only for national growth but also for its contributions to regional and global stability.

Pompeo transitioned his focus to Guyana, a country he described as standing on the brink of an energy revolution.
He explained that Guyana’s natural resources and innovative energy sector could not only secure its own future, but also contribute significantly to regional and global stability.

“The capacity of nations like America and Guyana to produce affordable energy and export it around the world is the basis for how so many governments hope to deliver and maintain basic prosperity for their people,” Pompeo stated, highlighting the mutual benefits of energy prosperity.

The former Secretary of State of the United States boldly confronted the challenges posed by authoritarian regimes employing energy as a means of manipulation.
He cautioned against the potential for similar tactics by Venezuela’s Nicolas Maduro, reinforcing the importance of energy independence to thwart such geopolitical manoeuvres.

Pompeo’s narrative took a positive turn as he celebrated Guyana’s potential, a nation “full of wonderful people” and “unrivalled natural resources.”
He lauded the leadership of President Dr. Irfaan Ali, commending the country’s commitment to building infrastructure and improving citizens’ lives.

Pompeo’s call to action was clear: Guyana and its business leaders were encouraged to embrace innovation, contribute positively to the global market, and follow a path similar to the U.S. model for economic development and energy production.
He urged international business leaders to consider investing in Guyana, promoting a development approach based on innovation and market-driven strategies, akin to the U.S. model.

“l want to encourage you all there today, business leaders to invest in Guyana. I hope you’ll follow the same blueprint that has worked in the United States, which is to innovate, not to subjugate, to contribute, not to coerce, and to allow markets to point the way forward.

“ If we all collectively get these things right, I am competent, excited for the future and what lies ahead,” he said.
Guyana’s energy sector is expected to boost national security and prosperity with its oil and gas industry having experienced exponential growth, with production numbers rising from 101.4 million barrels in 2022 to 142.9 million barrels of oil in 2023, contributing to an estimated 40.2% surge in export volume.

The future launch of additional projects, including Uaru and Whiptail, is expected to enhance the country’s production figures, leading to a rise in revenue earnings.
Guyana is expected to witness a significant 34.3% increase in its real GDP in 2024, primarily due to the growth in oil production from the Prosperity FPSO.

The Gas to Shore Project is anticipated to lead to a roughly 50% reduction in electricity costs for consumers.
The government plans to improve and expand the Guyana Power and Light (GPL) generation capacity to end the incessant power outages in the country.

The revenue generated from oil exports has enabled the government to invest in critical sectors such as infrastructure development, education, healthcare, and agriculture.
By 2030, Guyana is expected to witness remarkable economic transformation with its thriving oil and gas industry, with projected revenues from oil of up to US$10 billion annually.