Latin American News – South America’s oil producers reject climate restrictions in search

The delegation will meet with Caricom South American Guyana and US Ambassador Sarah Anne Lynch at the 2021 Houston Oil Conference. (Photo of Guyana Public Information Department)

By Mariana Paraga, Luke Cohen and Sabrina Valle

Houston, Texas, Friday, August 20, 2021 (Reuters) – The new world oil producers in South America focused on this week’s beach technology conference with plans to hit oil and gas discoveries in the global energy transition to low carbon emissions.

At the Guba conference, investors and investors from fossil fuels, Brazil, Guyana and Suriname, negotiated renewable and clean fuels, and set out agendas to make huge oil and gas discoveries that could change their economies: if they hit the market before values. Erosion

A.D. The comparison between their goals and governments’ efforts to impose net zero carbon emissions by 2050 dates back to the first major US oil technology conference and exhibition since the outbreak.

Historically, this is the Houston Conference, where oil companies boast of deep water discoveries.

The key to future oil

Guyana’s vice president, Barat Jagdo, told the conference that carbon emissions could be absorbed by the discovery of three-quarters of the forest, which is still under construction.

“We are called to leave our oil in the ground. We believe that is completely unfair, ”Jagdeo said. As a small country, we do not currently have the capacity and framework for the oil industry, but we will continue to improve.

Suriname, which shares an oil tank with Guyana, believes she can join oil producers’ clubs and use oil revenues to finance oil development. It is working on the discovery of major oil companies, Total Energy S and Chevron Corporation, and the state-owned Qatar Petroleum.

“At the end of the day, we need to hear what the oil and gas industry has to offer,” said Patrick Bruns, director of exploration and real estate at the state-owned power company Statasoli in Suriname State.

“We need that money to invest in these green industries,” he said.

OFFSHORE is clean

In Mexico and the Gulf of Mexico, these new and existing basins produce low carbon emissions due to advanced technologies and large wells, oil executives say.

Experts say that despite the increasing demand for energy such as solar, wind, and hydrogen, fossil fuels are still in demand. Greenhouse goals can be achieved if producers develop less carbon emissions than traditional areas.

“The important thing is to make sure that we have the power that the community needs,” said Veronica Kolho, chief executive of Norway Equanor Brazil.

Brazil, a former oil power plant, puts oil buried under a thick layer of rock and salt as one of the sources of polluted fossil fuels. It plans to hold two rounds of bidding this year and encourage the development of “pre-salt” areas.

“Pre-salt is an unusual, very important asset,” said Brazilian oil producer Enata Participants SA CEO Dio Ododon.

Manufacturers are calling for new licenses, with a five- to 10-year investment horizon before production in new sectors begins.

“If we don’t transfer these assets now, we will face leaving the resources on the ground,” said Rodolfo Saboya, Brazil’s oil regulator. This is the last big window of opportunity.

(Reporting by Mariana Paraga, Luke Cohen and Sabrina Vale; Written by Gary Mac Williams, edited by Margurita Choi)

Leave a Comment