Guyana President Irfaan Ali Announces Plans to Monetize Country's Natural Gas Resources

Georgetown – The Guyana government has announced plans to quickly monetise the country’s natural gas resources and would soon be requesting proposals in that regard.

“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 monetise the total gas asset we have in our country,” President Urfaan Ali said in a live broadcast on his Facebook page.

Guyana started producing oil in 2019 as a result of the lucrative Stabroek Block offshore and the government says it wants to harness the natural gas resources also found in that offshore block to produce cheaper energy and other products.

The government has already released the “Guyana Gas Monetisation Strategy” for public consultation that includes monetisation options, including using the natural gas for power generation and to create other products such as methanol, liquefied natural gas (LNG), ammonia/ urea and blue ammonia/ hydrogen.

“We received all the comments (and) we are integrating the comments with the initial document,” President Ali said, adding that his administration would be seeking proposals that will allow the natural gas resources to be used quickly.

According to the draft gas monetisation plan, it is estimated that approximately 17 trillion cubic feet of recoverable gas resources, mainly associated gas and condensates, exist in the Stabroek Block.

The authorities said that all the gas produced is being used for re-injection to maintain reservoir pressure except approximately 50 million standard cubic feet per day of gas produced from the Liza field, which will be transported to shore and used to generate 300 megawatts of electrical power as part of the Gas to Energy project and other possible downstream initiatives.

The Gas to Energy project will feature an integrated natural gas liquid plant and a 300-megawatt power plant. It is expected to come onstream in 2024. US-based integrated energy solutions group, LINDSAYCA, in partnership with a local firm – CH4 Group- is executing the engineering, procurement and construction of the project.

President Ali said that Guyana will achieve net zero by 2050. (CMC)