Natural Resources Minister, Vickram Bharrat, has indicated that the government may consider selling the nation’s natural gas to CARICOM member states, once local needs are met.
Responding to a question at a recent press briefing about potential plans for gas exports, Minister Bharrat said Guyana’s regional partners would be the first to benefit from any excess supply.
“Once we develop that and we have excess gas, obviously our CARICOM partners will be the persons who we will turn to and speak to, because we have developed a good regional relationship through the chairmanship of our president at CARICOM,” Bharrat said.
However, Minister Bharrat made it clear that local consumption would take precedence over exports. He noted that while the possibility of exporting to CARICOM is on the table, it will only be considered in the second phase of development and contingent on having surplus gas available.
This approach aligns with Guyana’s broader strategy to support regional development while ensuring that its own energy needs are adequately met. As the country continues to develop its natural gas resources, the prospect of supporting CARICOM with energy supplies could further bolster regional integration and cooperation.
Guyana’s commitment to maximizing the benefits of its gas resources is evident in its comprehensive two-pronged strategy. Central to this strategy is the gas-to-energy project, a collaboration with ExxonMobil Guyana, Hess, and CNOOC, which is poised to become a cornerstone of the country’s energy landscape. This initiative will use at least 50 million standard cubic feet of gas per day, transported onshore to power a 300MW power plant and natural gas liquids (NGL) facility.
By utilizing gas from the Liza Destiny and Liza Unity floating production storage and offloading (FPSO) vessels, the project aims to significantly cut energy costs and emissions. The gas-to-energy project is scheduled for completion in late 2025 and represents a substantial investment of approximately US$1.7 billion.
In addition to this, Guyana has forged a partnership with Fulcrum LNG, an American company selected to advance the country’s gas sector. Fulcrum LNG was chosen to design, finance, construct, and operate infrastructure that will facilitate the rapid development of Guyana’s gas resources. The project will focus on establishing advanced gas processing and scalable facilities to produce Liquified Natural Gas (LNG) and other gas products, catering to both domestic and international markets.
The partnership with Fulcrum LNG is expected to yield significant economic benefits for Guyana, including job creation, substantial foreign investment, and strengthened energy trade relationships. By providing upstream developers in Guyana and the region with additional options, the project could enhance the economic viability of gas discoveries and increase the overall value of the basin.
These efforts are further supported by the Guyanese government’s ongoing work on a Gas Monetization Strategy, developed with the expertise of IHS Markit.
