With massive exploration and development projects underway in the Guyana Basin, it is clear that the nation is poised to become an international powerhouse. A major catalyst for this exponential growth will be the government’s gas-to-shore project which is scheduled to come on stream before 2024. This much was noted by President, Dr. Irfaan Ali who delivered remarks earlier today at the virtual opening of the Guyana Basins Summit (GBS). GBS 2021 is an event that brings oil and gas leaders and the global energy community together during the virtual edition (17-19 March) for insightful discussions.
There, Ali said that the gas-to-shore project which will be done in partnership with ExxonMobil, the operator of the Stabroek Block, will allow the Guyanese economy to have an enhanced manufacturing sector and allow Guyana to become “a model energy state, the breadbasket of the Region, the Silicon Valley of the Caribbean, and a sustainable tourism paradise.”
Turning his attention to the nation’s endowment, Ali reminded that the estimated total Basin potential is around twice its proven reserves of nine billion barrels of oil equivalent resources. He said that economically, this is important and further solidifies the nation’s position as a lucrative emerging petroleum state. With this in mind, he said that the government has every intention of maximizing the many business opportunities that exist along the value chain of Guyana’s fledgling petroleum sector, and of course, expand drilling, exploration, and production activities in the petroleum sector.
In fact, Dr. Ali said he expects an additional 10 exploration and appraisal wells to be drilled this year in the Stabroek Block while reminding that the exploration rate has been quite successful at 80% with 18 discoveries.
Even though Guyana’s oil industry is booming, Ali implored investors at the Summit to look holistically at the varied opportunities in the country.
Whether it is large-scale agriculture production, mining, forestry, the healthcare system, or the education system, the President insisted that Guyana is a sleeping giant of investment opportunities while adding that the nation is open for business.
