–President Ali says, highlights government’s efforts to secure long-term transformation for Guyana

PRESIDENT Dr. Irfaan Ali has said that Guyana is deliberately using its growing oil revenues to secure long-term national transformation, insisting that the country is proving that petroleum wealth can be a catalyst for sustainable development rather than a source of economic instability.

In an interview with the Dominican Republic’s energy-focused publication Energía e Hidrocarburos Plus (EH+), President Ali described the country’s oil revenues as “national seed capital” that is being invested to create opportunities for future generations.

“We are defying the so-called “oil curse” by ensuring that our oil wealth is a down payment on our children’s future, not a lottery ticket for today,” he said, adding:
“The Natural Resource Fund is our fortress of fiscal responsibility, ensuring that this fund finances and secures the permanent transformation of our nation. We are also modernising and diversifying our economy to guard against dependence on any one or small band of sectors.”

He noted that revenues from the sector are being channelled into critical areas such as education, healthcare, public services, security and infrastructure, with the aim of building a stronger and more diversified economy.

“Oil revenues are our national seed capital. We are planting today the forests of opportunity that will shelter generations to come. This means world-class schools for our children, modern hospitals for our families, a public service that is efficient and implements, a security sector that keeps our people safe, and infrastructure that turns our nation into a single, integrated, and powerful economic zone.”

GLOBAL ENERGY ANCHOR
The President also underscored the importance of economic diversification, noting that Guyana is modernising key sectors to reduce dependence on oil, and strengthen resilience against future economic shocks.

With estimated reserves exceeding 11 billion barrels, Dr. Ali said Guyana has emerged as a significant player in the global energy landscape.

“We are not just an oil producer; we are a new global energy anchor. Our strategy is one of deliberate diversification aimed at serving our Caribbean and continental families, engaging Europe, and exploring Asian markets,” he said.

“Guyana’s role is to be a reliable partner in a volatile world, providing energy security for many, not just prosperity for a few,” he added.

PARTNERSHIP
The Guyanese Head of State emphasised that Guyana is seeking to build partnerships that support energy security while expanding trade and investment opportunities across multiple regions.

Addressing relations with the Dominican Republic, President Ali highlighted growing cooperation between the two countries.

“The partnership with the Dominican Republic is part of regional co-operation. From energy and food security to tourism and trade, we are not just neighbours; we are natural partners in progress. Together, we can build a Caribbean powerhouse, proving that our region’s strength lies in our unity,” he said.

Last month, it was reported that the Dominican Republic is exploring investment opportunities in Guyana’s Berbice Block.

According to a press statement issued by the Office of the President, the Government of the Dominican Republic, through Refinería Dominicana de Petróleo S.A., had engaged in discussions aimed at expanding collaboration within Guyana’s oil and gas sector, including reported interest relating to the Berbice Block, previously held by On Energy.

That engagement had formed part of ongoing efforts under a 2023 Memorandum of Understanding (MoU) signed between Guyana and the Dominican Republic, which established co-operation in sectors such as energy, oil refining, agriculture, tourism, and petrochemicals.
Among the areas under consideration is investment interest relating to the Berbice Block, previously held by On Energy, as well as broader discussions on regional energy security and future opportunities for collaboration.

Guyana has been positioning itself as an important energy partner within the Caribbean, with the talks aligning with the government’s long-term vision of enhancing national and regional energy security.

The two governments had also welcomed growing partnerships among private sector companies, including efforts to establish joint ventures and consortiums in agriculture, energy and petrochemicals.