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In the passage of paragraph 6 “the decision in Guyana on...
Technology And Innovation:
The Gateway To Development For Guyanese?
1 We live in vulnerable energy times. The energy
crisis, climate change and energy transition are all
shaking and shaping the global future. “The energy
realities of the world remind us that oil and gas will
be here for decades to pivot a just, affordable and
secure energy transition,” as John Hess, CEO of
Hess Corporation, mentioned during the International
Energy Conference and Expo in Guyana in February
2023.
2 As someone said, vulnerability is the birthplace
of innovation and technology is the driving force
behind progressive changes. Nevertheless, how can
Guyana play a vital role in reordering energy security?
“By embedding innovation earlier in the process,
Guyana can skip several steps and avoid what most
economies went through” this idea was emphasized
several times during the same conference. “If we
integrate innovation into Guyana’s process today,
there might be some accelerated success.”
3 Guyana can play an essential role in balancing
the global energy supply and demand markets and
address the energy crisis by becoming a top crude oil
producer globally. The goal is to become competitive
in the global oil and gas market and this can be
achieved by attracting and establishing partnerships
with companies that can bring increased efficiency
and productivity to the local oil and gas operations,
from exploration and production to storage and
transportation. For Guyana, this means that
improvements in regulations, a transparent, secure
and competitive environment for foreign investment,
and incentives from the government can serve as
catalysts for technology and innovation.
4 Collaborating with universities and creating
a business innovation hub mentality for young
entrepreneurs with government support, like loan
guarantees, grants, and tax credits, will also spur the
industry.
5 Innovative technology will play a critical role in
climate change. The oil and gas sector must reduce its
emissions by at least 3.4 gigatons of CO2 equivalent a
year by 2050 – a 90 % reduction in current emissions.
Guyana today can become a world leader in setting
a benchmark around flaring and it’s possible for the
country to achieve zero-flare objective, because “from
day one the right solutions and the right technologies
were properly planned and properly positioned in
order to enable the extraction and the production
with almost zero carbon footprint”, as the Emissions
Director at Schlumberger vocalized about a year ago.
6 Innovations and technologies are key to the
energy transition, from floating wind farms to solar
photovoltaic farm developments, waste-to-fuel
projects and green hydrogen, shaping Guyana’s
energy transition and future. All this requires not
only massive financial support but an innovation-
oriented and technology-friendly environment, with a
strong emphasis on education, training and research.
Nevertheless, the decision in Guyana on what
technologies to adopt and how much to innovate will
have a big impact on results over the long term and
the government should base it on a clear vision and
roadmap.
Available at: https://www.newsamericasnow.com/guyana-oil
-technology-and-innovation-the-gate-way-to-development
-caribbean-news/. Retrieved on: April 26, 2023. Adapted.
In the passage of paragraph 6 “the decision in Guyana on what technologies to adopt and how much to innovate will have a big impact on results over the long term”, the expression “over the long term” could be replaced, with no change in meaning, by
A
continuing at a specific time in the past
B
punctually before the present time
C
extending for a substantial time in the future
D
immediately before the present time
E
briefly at some point in the future