President Irfaan Ali on Monday said if the world moves in the direction of starving funds for new explorations in the energy sector, it is protecting a monopoly that already exists in countries that have been conducting explorations for a number of years. "The population must understand this this, it is very difficult to get funds for exploration now because the IFI's are faced with challenges to get funds. It is made harder." "Because those who are producing will continue to produce. They have already benefitted of years of operational revenues. So what in fact we're doing is that we are going to protect a monopoly."
The Head of State told delegates and persons attending the energy summit that there is need for an alliance between emerging energy players to ensure energy security in the region.
“What we need to do at the stage of our development is exactly what we're going to do, we are going to strategise within ourselves with strategic partners on developing a regional approach to energy security.”
He made it clear that these developing oil and gas nations will not be locked out of the energy conversation, as there are tremendous benefits and potential, which must form part of their development architecture.
“Do not expect that we’re going to allow our resources to be kept where they are while we have pressing development challenges and development needs.”
Dr. Ali added that these resources will allow the leaders to deliver to the people of their countries and the region a better shot at life.
“We have to deliver to the people of our countries and this region, better education, better health care, better infrastructure, create the conditions in which our diaspora will feel comfortable coming bavk to their homeland….that puts a big responsibility on us too, that is why oil and gas cannot be looked at a one dimensional way.”