President Dr. Irfaan Ali has said Guyana is using its oil revenues to drive long-term development, arguing that the country is avoiding the pitfalls often associated with petroleum-producing nations by investing heavily in its future.
In an interview with the Dominican Republic-based energy publication Energía e Hidrocarburos Plus (EH+), the President said the government’s approach is focused on ensuring that oil wealth benefits future generations rather than providing short-term gains.
“We are defying the so-called “oil curse” by ensuring that our oil wealth is a down payment on our children’s future, not a lottery ticket for today,” President Ali said.
He pointed to the Natural Resource Fund (NRF) as a key mechanism for safeguarding the country’s finances while supporting national development.
According to the Head of State, revenues from the oil and gas sector are being directed towards education, healthcare, security, public services and infrastructure projects aimed at strengthening the economy and improving citizens’ quality of life.
“Oil revenues are our national seed capital. We are planting today the forests of opportunity that will shelter generations to come,” he said.
President Ali also stressed the importance of reducing reliance on a single industry, noting that the government is modernising and expanding other sectors of the economy to build resilience against future economic shocks.
With more than 11 billion barrels of oil reserves discovered offshore, he said Guyana has become an increasingly important player in the international energy market.
“We are not just an oil producer; we are a new global energy anchor. Our strategy is one of deliberate diversification aimed at serving our Caribbean and continental families, engaging Europe, and exploring Asian markets,” the President stated.
He added that Guyana is seeking to strengthen partnerships that promote energy security while creating new trade and investment opportunities.
Touching on relations with the Dominican Republic, President Ali said cooperation between the two countries continues to expand across a number of sectors, including energy, agriculture, tourism and trade.
His remarks come amid growing interest from the Dominican Republic in Guyana’s oil and gas industry. Last month, the Office of the President disclosed that officials from Refinería Dominicana de Petróleo S.A. held discussions with Guyanese authorities on expanding collaboration in the sector, including potential investment opportunities linked to the Berbice Block.
The engagement forms part of a broader cooperation framework established under a 2023 Memorandum of Understanding between Guyana and the Dominican Republic covering areas such as energy, oil refining, agriculture, tourism and petrochemicals.
The two countries have also welcomed increasing private sector partnerships, including joint ventures and consortiums in agriculture, energy and petrochemical development.
