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Q&A Follow up

Following up on the success on the first dialogue held on October 28th, 2020, we would again like to thank our panelists, Nicholas Boyer and Rudolf Elias. As you would recall, we ran out of time and were unable to get through all the questions that came in, so below you’ll find answers from the panelists, to some of the remaining questions from the last webinar on Sustainable Economies.

How do you expect the power sector to deal with demand variations and supply intermittency given the assumptions of rapid growth of solar, wind and other energy resources?  Petrus Kolenberg
  • I suspect that in the near-term fossil fuels will still play a large role in our energy mix, smoothening the intermittent supply challenge that renewables face. Until large storage solutions become feasible. - Nicholas Boyer – Chairman of the Private Sector Commission (Guyana)

What role will Staatsolie play in the "green economy", any strategy or action points towards sustainability of (parts of) the operations or carbon compensation schemes? Amar Sitabi
  • The most significant project ahead is the OpoJai project. We will in the coming years increase the energy mix and play a leading role in the renewable energy sector through this project where we will generate hydropower. - Rudolf Elias Managing Director & CEO - Staatsolie Maatschappij Suriname

Does the panel consider the rapid exploitation of fossil fuel compatible with the preservation of the environment? Christopher Ram
  • I do, all populations want development; and Guyana harvesting its crude oil resources to increase development cannot be stopped - any administration trying to stop that would largely be unpopular and would not survive an election; especially when you have large numbers without basic utility services such as potable water and electricity. Where the environment part comes in, is channelling that development to have as small a carbon footprint as it could give that it is going to happen. This includes things such as using more renewables in the energy mix, making public transportation safer and more efficient so that we reduce individual automobile usage, better solid waste management using recycling to help and creating building codes that provide for buildings with lower carbon footprints. Finally, the possibility of increasing the size of protected forest reserve is also possible since development/ GDP increase is coming from an unexpected resource. - Nicholas Boyer – Chairman of the Private Sector Commission (Guyana)
 
  • We approach this differently; we always look for ways to minimize impact of our operations on the environment. Performing thorough ESIA’s is part of project planning and execution. At the same time, we strongly believe that we can support preservation of the environment and biodiversity with the revenues out of fossil fuel production. Staatsolie will be a vocal ambassador in this process, lead the way and actively contribute to the public discussion about how we can do this.  - Rudolf Elias Managing Director & CEO - Staatsolie Maatschappij Suriname
 
How do you expect the power sector to deal with demand variations and supply intermittency given the assumptions of rapid growth of solar, wind and other energy resources? Petrus Kolenberg
  • We believe that the movement towards renewable energy is unstoppable and necessary, and thus we have planned to include that in the coming years into our energy mix. At the same time, we believe that there will be a need for oil for decades to come. This provides time to gradually make a shift towards renewables while constantly focusing on preservation of biodiversity. - Rudolf Elias Managing Director & CEO - Staatsolie Maatschappij Suriname


What are the incentives for investing in this downstream (sustainable) alternatives and human capital? How would you define the long-term value? - Amar Sitabi
  • Upstream and downstream in the oil industry define products, upstream being crude and downstream being refined products like diesel. Human capital in this industry is hugely important as the production facilities will run for decades and we would like to “indigenize” the workforce as much as possible during the production phase. - Nicholas Boyer – Chairman of the Private Sector Commission (Guyana)


How can both countries best gradually transition into green industries/renewable energy, given the move towards green energy in 2030 and beyond? - Peggy Chan Jon Chu
  • Staatsolie has started already by installing a Renewable Energy directorate and appointing a director as of December 2019. Plans are being drafted to start up the OpoJai project to produce hydropower. We are more than willing to share our experience with Guyana and partner in projects alike. - Rudolf Elias Managing Director & CEO - Staatsolie Maatschappij Suriname


What lessons you take from regional experiences (Guyana, T&T) in regard to environmental management and the oil/gas industries. What should be avoided at all cost? Adrian Flores
  • Lack of clearly defined goals for unlocking more value in the industry rather than just waiting for proceeds from sale of crude oil, as well as planning for an “AO” after oil economy, oil after all is non-renewable. - Nicholas Boyer – Chairman of the Private Sector Commission (Guyana)
 

Given that Staatsolie is a state-owned company, how will management be ensuring that national strategies for protecting the environment (in this case specifically marine resources), as well as crafting strategies and frameworks for sustainable (green) investments? Tanja Lieuw
  • We will play a leading role in setting the right example in the way we do business. We will participate in national and international discussions and partner with environmental organizations to support preservation and sustainability. - Rudolf Elias Managing Director & CEO - Staatsolie Maatschappij Suriname