Accelerating Guyana’s Offshore Development While Maintaining an Ecological Balance
Tuesday, 2 May
Around the World
In 2023 Guyana will have its third production platform producing 220,000 barrels of oil per day from the Prosperity FPSO. This will allow the country to see output per day close to 600kbd. However, with the focus of the global economy on net-zero and climate change mitigating measures, this economy has now started the trading of carbon credits from its standing forest. Hence, the Architecture for REDD+ Transactions (ART) has issued the world’s first TREES credits to Guyana. This also marks a milestone as the first time a country has been issued carbon credits specifically designed for the voluntary and compliance carbon markets for successfully preventing forest loss and degradation — a process known as jurisdictional REDD+. Therefore, this panel will explore and discuss the future developments of Guyana’s offshore projects towards 2030 and the country’s commitment to a low-carbon economy that will allow for benefits to an emerging energy-secured nation.