Latest update April 18th, 2024 12:59 AM
Feb 16, 2022 News
By Davina Bagot
Kaieteur News – In offering advice to the proverbial “new kid on the block” when it comes to oil and gas, the Ghanaian Head of State, Nana Addo Dankwa Akufo-Addo has urged the leaders of Guyana to ensure that the proceeds from the country’s oil wealth are managed in a transparent manner, while also pointing to the critical need for a reduction in flaring offshore.
President Akufo-Addo made these remarks as he kicked off the International Energy Conference and Expo, being hosted at the Marriott Hotel, in Georgetown from February 15 to 18, under the theme ‘Charting a Sustainable Energy Future’.
The President told a packed conference hall, in the presence of President Irfaan Ali and his Cabinet that the recommendations were critical to ensuring a sustainable sector. Ghana, a west-African country, with a wealth of experience in the oil sector, given its over 10 years in oil production, has been mentoring Guyana as the country progresses with its oil and gas production. The President said, “Effect proper management of oil and gas revenue transparently and ensure equity for the benefit of all citizens, through institutional reforms and transparent regulations through proper legislative guidelines”.
Moreover, he pointed to the need for Guyana to reduce its offshore flaring, while offering the country some advice. “Minimize the flaring or venting of natural gas generated and develop a viable domestic petrochemical industry, based on natural gas,” he urged.
President Akufo’s comments and recommendations to Guyana come at a time when only last week, Guyanese were assured by members of the government during the Budget 2022 Debates that they would have been told exactly how the first withdrawal from the Natural Resource Fund (NRF) or the oil account would be spent. However, despite constant inquires by the nation’s civil activists and the political opposition government is yet to disclose just how the funds would be spent. In fact the Finance Minister, Dr. Ashni Singh ended the discussion on the matter by telling the nation that the $126 billion from the oil money will be spent as budgetary support, to fund what his party has dubbed “national development priorities”.
The country also recently fell on the transparency index last year, meaning that corruption in the public service has again started to climb. On the other hand, when it comes to the flaring of excess gas, US oil giant ExxonMobil is being allowed to flare unlimited gas, as long as it forks out a meager sum as penalty. Currently, the oil company is paying Guyana US$45 per tonne of carbon dioxide.
While appearing on a Kaieteur Radio programme late last year, the head of the Environmental Protection Agency (EPA), Kemraj Parsram revealed that Exxon was flaring 15 million standard cubic feet of gas per day but this is now down to six million standard cubic feet of gas per day. The EPA Head said, “The EPA and by extension the government’s policy is zero routine flaring. Flaring is only permitted in circumstances where it is necessary to ensure safety and in cases where emergencies occur. We know there are issues with the compressor (for the Liza Destiny vessel) and we have been working with the operator (ExxonMobil).”
While he gave this reassurance in September last year, ExxonMobil is yet to operationalise its gas compressor to ensure that this dangerous activity ceases. Extensive research conducted by Kaieteur News shows that gas flaring contributes to climate change, which has serious implications for the human security and wellbeing globally. In fact, the Department of Mechanical Engineering at the University of Ibadan, Ibadan, Nigeria, outlined in one of its studies, that gas flaring is actually a major source of greenhouse gases, which accelerates global warming. It was noted that flaring releases Carbon Dioxide and Methane, the two major greenhouse gases. Of these two, Methane is actually more harmful than Carbon Dioxide. It is also more prevalent in flares that burn at lower efficiency.
JAGDEO ADDING MORE DANGER TO GUYANA AND THE REGION
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