During his participation at the International Energy Conference and Expo-2022, Natural Resources Minister, Vickram Bharrat said Guyana is poised to become a major player in the energy corridor being pursued with Brazil and Suriname.
This is especially the case since the current estimate of the recoverable gas reserve in the Stabroek block is 16 trillion cubic feet (Tcf).
Minister Bharrat said a portion of this gas will be piped to shore from the Liza field as a substitute for the current heavy oil powered generators.
He was keen to note during his presentation that the Government is also implementing plans for renewable energy projects. This is being done to achieve a cleaner energy mix by 2030.
Cognizant of the vast potential of Guyana and Suriname’s oil and gas sectors, Bharrat said the two countries have been strategizing since 2021 on the development of this lucrative sector for mutual gains.
Bharrat said, “The two countries will be developing their human capacities in some key areas with certification in the oil and gas sector such as welding. The two countries have also been looking at developments on the gas markets.”
Towards this end, he revealed that a joint gas development strategy will see growth for both frontiers. He was keen to note that a common gas strategy will also facilitate development in sectors such as infrastructure, industries, manufacturing, and natural resources hence both of these CARICOM nations will also create a mutually beneficial local content platform.
Moreover, Bharrat said both Guyana and Suriname, along with Brazil, are exploring the options for the formation of an energy corridor, as well as mutual opportunities within the oil-and- gas sectors of all three countries.
He said, “Guyana and Suriname have burgeoning petroleum sectors, while Brazil is one of the leading oil producers of the world. The operationalisation of this plan would require development of local knowledge and capacity in the area of logistics and other technical support services. Hence, with Guyana being a critical gateway between South American and the Caribbean, the links created by this corridor would position our country as a critical shipping hub. This integration requires careful planning, and the development of a logistics industry.”
Additionally, with Guyana seeking to become a regional economic hub, Bharrat said the growth agenda for the country is centred on improving economic relations, energy and food security, telecommunications, agriculture, infrastructure integration and the development of a deep-water harbour in Guyana.
“Since we offer the shortest and quickest access to the Atlantic Ocean for significant parts of northern Brazil, a road connection linked to the deep-water port could also serve the interest of both countries. As a regional economic integration hub, Guyana will be enhancing trade relations through infrastructure such as roads and bridges with Suriname and Brazil,” Minister Bharrat said.
He also noted that the governments of Guyana and Suriname are collaborating on the construction of a bridge across the Corentyne River and the Linden to Mabura road contract which was recently approved by the Caribbean Development Bank (CDB). He said the road would no doubt enhance linkages between Guyana and Brazil.
