Guyana’s President Calls for Rapid Gas Resource Development

ByJuan Martinez
February 19, 2024

President Irfaan Ali of Guyana is pushing for the swift development of the nation’s gas resources.

This effort is aimed at establishing Guyana as a leading power in regional energy, supplementing its booming oil exports.

At the Guyana Energy Conference & Supply Chain Expo in Georgetown, Ali called on companies to propose methods for ramping up gas production.

The next decade is crucial for capitalizing on Guyana’s gas reserves, marking a period of monetization and optimization.

Exxon Mobil Corp., responsible for discovering oil in Guyana in 2015, is rapidly increasing output with a goal of reaching 1.2 million barrels daily by 2028.

Guyana’s President Calls for Rapid Gas Resource Development. (Photo Internet reproduction)

This boost will prominently position Guyana on the global oil map.

However, the nation’s waters also hold vast natural gas reserves, which Exxon presently re-injects as a byproduct.

Ali sees this gas as a key to economic growth, aiming to turn Guyana into a hub for manufacturing and agriculture.

The vision for gas utilization might necessitate regional collaboration due to production and transportation costs.

Execution could cut energy costs, expand manufacturing, and enhance exports, notably from northern Brazil.

Ali plans a $1 billion pipeline for domestic power, initially delivering 50 million cubic feet daily.

In short, investments in Guyana’s grid aim to halve energy expenses, ensuring reliability and fostering economic growth.