GEORGETOWN, Guyana, CMC – The Guyana government has released for public consultation the draft monetization strategy that it says is part of a “pivotal roadmap” for managing the country’s significant gas resources.
The Ministry of Natural Resources (MNR), in releasing the document, said it also serves as a vital tool for Guyana to make informed decisions regarding the utilization of its gas resources.
The Stabroek Block, along with the Corentyne Block, holds substantial gas resources. Ongoing exploration and appraisal activities are underway to determine the full extent of Guyana’s gas resources.
Natural Resources Minister Vickram Bharrat is addressing ACTIF23.
To date, the sanctioned projects in the Stabroek Block are exclusively oil-focused, including the Whiptail project currently under review. At Pluma, Haimara, and other discoveries with condensate, reviews are ongoing, the ministry said.
It said it was urging the public to discuss the strategy and looking forward to inputting from industry stakeholders and experts, adding “the insights and recommendations gathered during this period will play a crucial role in shaping the nation’s energy future.”
The deadline for public consultation is November 14, 2023.
Meanwhile, speaking at the Afro-Caribbean Trade and Investment Forum (ACTIF2023), which ends later on Tuesday, Natural Resources Minister Vickram Bharrat said the strategy’s release is a clear indication of the government’s dedication to developing its gas reserves.
“It shows, again, our commitment not only to develop the oil sector but also our gas reserves offshore Guyana,” he said, noting the industry’s successes to date.
He said there is a daily oil production of 400,000 barrels, featuring two operating FPSO vessels in the Liza Field; Guyana aims to reach 600,000 BPD in the first quarter of 2024 with the Payara and Prosperity FPSOs.
Bharrat said the government’s policy is to accelerate industry development, leveraging oil sector revenue to grow traditional sectors such as mining, logging, and forestry.
“Our depletion policy should be to get the resources out the ground as fast as possible and to use the revenue from this sector to incentivize and to grow our traditional and new sectors, which we build our country on mining, logging, and forestry,” he said.
Furthermore, Guyana is actively addressing environmental responsibilities, exploring an energy mix involving the Amaila Falls Hydropower Project and the transformative Gas to Energy project in Region Three.
and then 