Govt. unveils draft gas strategy, but now conducting study on extent of resources

Oct 31, 2023 ExxonMobil, News, Oil & Gas

Kaieteur News – The Government of Guyana, through the Ministry of Natural Resources (MNR), on Monday unveiled its draft Gas Monetization Strategy for public consultation.

Citizens have a two-week window to review the draft document and provide feedback. In an official statement, the Ministry of Natural Resources highlighted that the gas strategy is part of a pivotal roadmap for managing the nation’s significant gas resources and that it also serves as a vital tool for Guyana to make informed decisions regarding the utilisation of its gas resources.

Vice President, Bharrat Jagdeo had previously announced the government’s intention to release this draft gas strategy for public input, a key component of their plan to monetize the 17 trillion cubic feet of gas discovered in the Stabroek Block. He emphasised, “We’ve made it clear, we want to monetize our gas assets. This strategy will outline our approach to the industry.”

However, it should be noted that the Ministry pointed out that while the Stabroek Block and the Corentyne Block hold substantial gas resources, ongoing exploration and appraisal activities are underway to determine the full extent of Guyana’s gas reserves.

President Irfaan Ali

Guyana is actively pursuing the use of natural gas in the Liza One and Liza Two fields for the Gas-to-Energy (GTE) project. This initiative involves piping about 50 million standard cubic feet of gas per day to shore.

ExxonMobil Guyana will fund a 12-inch pipeline for transporting the resource to Wales, where a Natural Gas Liquids (NGL) plant will treat and separate the gas for use in the power plant. The power plant aims to generate 300 megawatts of electricity for the national grid and produce products like cooking gas for sale, aligning with the administration’s goal of energy self-sufficiency. Despite some expert concerns about the project’s nearly US$2 billion cost, the government remains resolute about its viability. To access the Guyana Gas Monetisation Strategy and participate in the public consultation, please visit the ministry’s official website at https://petroleum.gov.gy/. The deadline for public consultation is November 14, 2023.