Guyana’s Natural Resources Minister to speak at Madrid Energy Conference this week

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Minster of Natural Resources, Vickram Bharrat

Guyana’s Natural Resources Minister Vickram Bharrat is expected to be one of the key speakers at the high-level Virtual Madrid Energy Conference this week.

The virtual Madrid Energy Conference brings together senior business executives and government officials from Latin America, Europe, and the world to explore the vast cross-regional opportunities at the intersection of exploration and production, infrastructure, renewables, and finance.

According to the organisers, MEC2020 will feature a wealth of content, solutions, an abundance of virtual networking opportunities and provide the region with an invaluable platform from which to drive investment, growth and prosperity in Latin America.

“The conference gathers the brightest minds and the most engaging and well-respected commercial, policy, and regulatory thought leaders to discuss trends, gain perspective, and explore opportunities for the next year”.

Organisers say the MEC 2020 will give participants the opportunity to: understand COVID-19’s impact on global energy markets, Latin America’s energy sector & the energy transition; cultivate open dialogue and connect with newly-appointed energy officials and other key decision-makers to catalyze industry connections and partnerships across the energy value chain and explore the increased challenges to financing amid the COVID chaos and understand how to get from intention to reality.

Further “participants will debate innovative approaches on energy transition, regulatory and financial challenges, and government plans to support sector investment and experience a tailor made virtual platform offering our community the best possible online event and networking”.

Former Trinidad and Tobago Minister of Energy, Kevin Ramnarine, is also expected to participate in the event. The event runs from September 28 2020 until October 2 2020.

Minister Bharrat was given responsibility for the natural resources sector when the PPP/C Government was sworn in to office in August. He had said that the revenues from oil are expected to assist government in fast-tracking its development objectives which would see Guyanese enjoying a better quality of life.

Guyana is expected to significantly ramp up oil production in the coming years. US oil giant, Exxon has estimated that there are eight billion barrels of recoverable reserves in the Stabroek Block, and until recently, it predicted that the country would produce 750,000 barrels of oil per day by 2025.

According to experts, 750,000 barrels of oil per day would make Guyana the fourth-largest oil producer in Latin America in current production growth, that would be behind Brazil, Mexico and Columbia.