Guyana’s energy development model, anchored by its gas-to-energy project and rapid rise as a major oil producer, has reignited regional conversations about energy security and self-sufficiency, following strong endorsements from top Caribbean leaders at the AfriCaribbean Trade and Investment Forum (ACTIF2025) in Grenada.
During a presidential panel on 28th July, outgoing President of the African Export-Import Bank (Afreximbank), Professor Benedict Oramah, urged Caribbean governments to explore Guyana’s oil and gas capacity as a regional asset. He suggested CARICOM should act as a unified bloc to negotiate favourable energy arrangements with Guyana, thus significantly lowering petroleum costs for its member states.
“Today, you have Guyana as a major oil producer,” Professor Oramah said. “Has CARICOM ever sat and thought about aggregating demand for petroleum and talking to Guyana to refine and supply it collectively? If you do that, you’ll reduce your petroleum prices dramatically.”
He cautioned that without such unity, Guyana would continue treating regional governments as any other global buyer on the open market. His comments drew swift support from several Caribbean leaders, including St. Kitts and Nevis Prime Minister Dr. Terrance Drew.
“This idea has been on my mind for some time,” Dr. Drew shared during the session. “Here we are, having this resource in a CARICOM country, and yet we seem to be looking outside the region for solutions. CARICOM should engage Guyana directly… how can we leverage this petroleum product to resolve the high cost of energy in the region?”
Dr. Drew described the existing energy costs in small island economies like St. Kitts and Nevis as unsustainable, linking them to broader issues such as high living costs and stagnant industrial development. He committed to tabling the discussion at the CARICOM Bureau with leaders from Barbados and Jamaica.
Guyana’s Wales Gas-to-Energy Project is central to the conversation. The initiative, expected to halve the country’s electricity rates, features a gas pipeline from ExxonMobil’s offshore reserves connected to a Natural Gas Liquids (NGL) plant and power station. With electricity costs projected to drop from US$0.30 to US$0.15 per kWh, the government anticipates significant improvements in investment potential and national productivity.
Barbados Prime Minister Mia Mottley added critical historical context to the discussion, noting that multinational oil contracts have historically excluded regional development considerations. She called on CARICOM to aggregate its renewable energy resources to attract investment and build regional energy resilience.
“No one country in our region has the numbers to attract serious investment alone,” she said. “But together, with geothermal in the Eastern Caribbean, hydro and solar in Guyana and Suriname, and wind in others, we have the potential to be a serious green energy player.”
Antigua and Barbuda’s Prime Minister Gaston Browne echoed the urgency of regional control, warning against the continued export of Caribbean raw materials only to reimport finished products at inflated prices.
“It’s a continuation of colonialism,” Browne declared. “We need to control our resources and retain profits within our economies. That’s the only way we can break this cycle.”
The ACTIF2025 forum has brought renewed urgency to the debate over regional energy security, with consensus emerging that collective Caribbean action is the only viable path to long-term sustainability and economic independence.
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