In a significant move to harness the untapped potential of its natural gas resources, the Guyana government, led by President Mohamed Irfaan Ali, has unveiled plans to monetize the country’s vast gas assets swiftly.
In a live broadcast on his Facebook page, President Ali announced that the government would soon be issuing a “Request for Proposals” to solicit innovative models for the rapid monetization of the natural gas found in the lucrative Stabroek Block offshore.
Guyana, which commenced oil production in 2019 from the Stabroek Block, is now turning its attention to efficiently utilizing the associated natural gas to produce affordable energy and various other products.
The government has already released the “Guyana Gas Monetization Strategy” for public consultation, outlining multiple options for leveraging the natural gas, including power generation, methanol production, liquefied natural gas (LNG), ammonia/urea, and blue ammonia/hydrogen.
President Ali expressed the government’s commitment to expeditiously move forward, stating, “In another week, we expect to go out to ‘Request for Proposals’ to move towards implementing, or requesting models through which we can move as quickly as possible to monetize the total gas asset we have in our country.”
The draft gas monetization plan estimates approximately 17 trillion cubic feet of recoverable gas resources in the Stabroek Block, primarily consisting of associated gas and condensates.
All produced gas, except for approximately 50 million standard cubic feet per day from the Liza field, is being used for re-injection to maintain reservoir pressure.
The gas from the Liza field will be transported to shore and used to generate 300 megawatts of electrical power as part of the ambitious Gas to Energy project and other downstream initiatives.
The Gas to Energy project, set to come online in 2024, is a crucial component of Guyana’s strategy. It will feature an integrated natural gas liquid plant and a 300-megawatt power plant.
The US-based integrated energy solutions group, LINDSAYCA, in collaboration with local firm CH4 Group, is spearheading the project’s engineering, procurement, and construction.
Guyana’s vision for gas monetization aligns with its broader economic development goals. By rapidly leveraging natural gas resources, the government aims to boost the country’s energy independence, create job opportunities, and stimulate economic growth.
The Gas to Energy project, in particular, represents a key milestone in this endeavour, demonstrating Guyana’s commitment to sustainable and diversified economic development.
The government’s proactive approach in seeking proposals underscores its dedication to streamlining the process and engaging with diverse stakeholders.
The “Guyana Gas Monetization Strategy,” which is already open for public consultation, reflects a transparent and inclusive approach to decision-making.
As Guyana stands at the threshold of unlocking the full potential of its natural gas resources, the world will be watching closely.
The successful implementation of the gas monetization plan promises not only economic prosperity for Guyana but also contributes to global energy dynamics.
The country’s journey towards becoming a key player in the international energy landscape is undoubtedly an exciting chapter in its development story.
This article was created using automation technology and was thoroughly edited and fact-checked by one of our editorial staff members