Authorities obsessed with oil revenues with no regard for environmental dangers

Authorities obsessed with oil revenues with no regard for environmental dangers – Goolsarran

Jul 26, 2022 News

Kaieteur News – Chartered Accountant and former Auditor General, Anand Goolsarran appears to be appalled with the government’s approach to the oil and gas sector.

Chartered Accountant and former AG, Anand Goolsarran

In his recent column published by Stabroek News, Goolsarran said that authorities seem obsessed with how much oil money the country can make and deposit into its Natural Resource Fund (NRF) all the while, remaining oblivious to the environmental dangers of this sector.

Goolsarran said recent global events would serve to remind citizens of how toxic oil sector emissions can impact the livability of the planet. In this regard, he noted that the temperature in several parts of Europe reached an all-time record high of 42 degrees Celsius, triggering massive wildfires in France, Spain, Portugal and Greece and causing thousands of residents to flee their homes. The ferocious heat has also claimed the lives of over 1700 individuals.

With officials from the World Health Organization (WHO) describing the situation as “unprecedented, frightening, and apocalyptic,” Goolsarran said there can no longer be any denying that the soaring temperature is linked to global warming and climate change caused mainly by increases in greenhouse gas emissions through the burning of fossil fuels. Expounding further, Goolsarran shared in his column that as of last Monday, the concentration of Carbon Dioxide (CO2) in the atmosphere was 419.04 parts per million, representing a 47 percent increase since the beginning of the Industrial Age and an 11 percent increase since 2000.

The Chartered Accountant said, “Here in Guyana, we are so preoccupied with and excited about the prospects of oil revenues overflowing the Treasury that we seem oblivious of the dangers ahead as regards the adverse impact the extraction and burning of fossil fuels has on the future wellbeing of the planet. The 11 billion barrels of crude oil discovered off Guyana’s shore, when extracted and burnt, will release approximately 4.751 billion tons of CO2 into the atmosphere.”

Despite being aware of this, Goolsarran disappointedly noted that the Government is aggressively pushing oil companies to produce as much oil as possible. He said it is instructive that Exxon and partners have been given the green light for accelerated production before the deadline for the Paris Accord on climate change reaches for switching to renewable sources of energy, even if it means sacrificing of longer term gains.

Kaieteur News previously reported that it was Hess Corporation’s Chief Executive Officer (CEO), John Hess who disclosed that the Guyana Government, particularly President Irfaan Ali and Vice President Bharrat Jagdeo, gave clear instructions for oil development at the Stabroek Block to be fast-tracked. Hess said both Dr. Ali and Jagdeo are very pro-business while adding that their belief is that Guyana has a right to develop its resources.

Hess also noted that Ali and Jagdeo have been very clear to the joint-ventures that they want them to be capital-disciplined, and environmentally-responsible in their offshore operations. He said, so far the government has been a “very good partner” to the Stabroek Block partners. Given the relationship between the two, Hess said the partners are keen to work towards helping Guyana with the management of its oil wealth.

In the meantime, the Hess Boss said that the Stabroek Block partners remain focused on fully understanding the exploration potential of the offshore resources in the Guyana basin, which he described as having industry leading production costs and world-class reservoirs.

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