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Guyana President Urges Immediate Development of Gas Resources

NATURAL GAS

Guyana President Irfaan Ali called for an immediate development of its gas resources to make the nation a regional energy powerhouse, according to Bloomberg.

  • “The time to develop our gas is now,” Ali said cited by Bloomberg. “There’s an immediate window of opportunity between now and the end of the decade to monetize and maximize” Guyana’s gas resources.
  • The government is requesting that companies develop plans to boost gas exports.
  • Exxon Mobil is aiming to produce 1.5m b/d of oil from Guyana by 2028, but Guyana’s waters also contain vast amounts of natural gas. Exxon is currently reinjecting the gas into its reservoirs as a waste product.
  • President Ali’s ambitions come in addition to the project due for completion in Q4 which will provide 50 mcm/d initially before rising to 120 mcm/d for domestic power generation.
Energy BulletsExxon Mobil Market News Commodities
Energy BulletsExxon Mobil Market News Commodities

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