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Guyana’s Ali Urges ‘Immediate’ Development of Gas Resources – Bloomberg

President Irfaan Ali says Guyana must monetize natural gas. Exxon currently only produces oil from its Guyana fields   (Inewsguyana)
President Irfaan Ali says Guyana must monetize natural gas. Exxon currently only produces oil from its Guyana fields (Inewsguyana)

Kevin Crowley, Bloomberg News

GEORGETOWN
EnergiesNet.com 02 20 2024

Guyana President Irfaan Ali called for the “immediate” development of its gas resources to make the South American country a regional energy powerhouse on top of its rapidly-growing oil exports. 

The government is requesting that companies propose plans to finance and construct pipelines and other infrastructure that will allow the country to reap the economic benefits of its gas, Ali said at the Guyana Energy Conference & Supply Chain Expo in Georgetown Monday. 

“The time to develop our gas is now,” Ali said. “There’s an immediate window of opportunity between now and the end of the decade to monetize and maximize” Guyana’s gas resources. 

Exxon Mobil Corp., which discovered oil in Guyana in 2015, is ramping up production fast and aims to produce 1.2 million barrels a day by 2028, making the country a significant global crude player. But Guyana’s offshore waters also contain vast amounts of natural gas, which Exxon currently reinjects into its reservoirs as a waste product. Ali wants to make more use of this gas, and sees it as key to developing the country’s economy as a manufacturing and food hub. 

Guyana’s vision for gas may require regional co-operation due to the scale and expense of producing and transporting the fuel, which is seen as cleaner burning than coal in electricity generation. If successful, Guyana could lower its energy costs and expand manufacturing by building gold and aluminum smelters, as well as a deepwater port to help export agricultural products from the region, which includes northern Brazil. 

“Powering the Guyanese economy with domestic natural gas rather than imported fuel oil” will yield “significant benefits” including halving the cost of electricity, Liam Mallon, president of Exxon’s upstream division, said at the conference. 

Ali’s plans are in addition to a $1 billion gas-to-shore pipeline project for domestic power generation that is scheduled to be complete by the fourth quarter of this year, he said. The project will provide 50 million cubic feet per day of gas in the first phase before ramping up to 120 million cubic feet. 

After building road and shipping infrastructure, Guyana can quickly become a significant exporter of propane to other Caribbean nations including the Dominican Republic, Ali said. 

bloomberg.com 02 19 2024

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