GEORGETOWN, Guyana, CMC – The Guyana government has announced plans to monetize the country’s natural gas resources quickly and will soon request proposals.
“In another week, we expect to go out to ‘Request for Proposals’ to move towards implementing or requesting models through which we can move as quickly as possible to monetize the total gas asset we have in our country,” President Urfaan Ali said in a live broadcast on his Facebook page.
Guyana started producing oil in 2019 due to the lucrative Stabroek Block offshore, and the government says it wants to harness the natural gas resources found in that offshore block to produce cheaper energy and other products.
The government has already released the “Guyana Gas Monetisation Strategy” for public consultation that includes monetization options, including using natural gas for power generation and creating other products such as methanol, liquified natural gas (LNG), ammonia/ urea, and blue ammonia/ hydrogen.
“We received all the comments (and) we are integrating the comments with the initial document,” President Ali said, adding that his administration would seek proposals allowing the natural gas resources to be used quickly.
According to the draft gas monetization plan, approximately 17 trillion cubic feet of recoverable gas resources, mainly associated with gas and condensates, are estimated to exist in the Stabroek Block.
The authorities said that all the gas produced is being used for re-injection to maintain reservoir pressure except approximately 50 million standard cubic feet per day of gas produced from the Liza field, which will be transported to shore and used to generate 300 megawatts of electrical power as part of the Gas to Energy project and other possible downstream initiatives.
The Gas to Energy project will feature an integrated natural gas liquid plant and a 300-megawatt power plant. It is expected to come on stream in 2024. US-based integrated energy solutions group LINDSAYCA, in partnership with a local firm – CH4 Group- is executing the project’s engineering, procurement, and construction.
President Ali said that Guyana will achieve net zero by 2050.
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