Prime Minister, Mark Phillips reiterated Guyana’s commitment to develop the country’s oil and gas sector in a way that will ensure growth of the sector and the country, while balancing environmental protection.
During his address to the Guyana Energy Conference, the Prime Minister said Guyana’s energy transition is grounded in dual responsibility to ensure that the resources are exploited in a sustainable manner and to ensure that country’s environmental credentials remain in tact.
“We are a developing country striving to improve our infrastructure, expand economic opportunities, and raise the living standards of our people. Reliable, affordable and sustainable energy therefore is central to achieving these goals. We must therefore pursue a dual responsibly and that is to grow our economy, and to protect our environment,” the Prime Minister stated.
The Prime Minister also highlighted the $119.4 Billion allocated in the 2026 budget to advance Guyana’s energy strategy. He noted that Under the Gas to Energy Project, two natural gas fired plants totaling 600 megawatts are under construction, with the first 300-megawatt facility due to be commissioned by the end of this year. He also pointed to major investments in hydropower, solar, wind and biomass aimed at reducing dependence on imported fuels and lowering electricity costs.
“Guyana is currently experiencing rapid economic transformation, supported in part, by the development of our oil and gas sector and we recognize the opportunity this presents. Revenues from this sector are being invested in education, healthcare, infrastructure and national development but we also recognized that this is a moment that requires careful planning and long-term vision,” the Prime Minister said.
Mr. Phillips told the gathering that through the Low Carbon Development Strategy, the government is also committed to creating an energy system that is diverse, resilient and environmentally responsible
He said the cornerstone of the country’s energy transition is the expansion of renewable energy, the modernization of the country’s power infrastructure and the building of resilience against climate change.
“In addition to oil and gas, Guyana has significant potential in hydropower, solar and biomass. We are actively pursing investments in clean energy and green innovation to harness these resources,” the Prime Minister told the conference.
Read More: PM Phillips highlights plan to ensure growth of energy sector while
