Guyana sees natural gas as the next frontier after oil – #Guyana #sees #natural #gas #frontier #oil

HOUSTON, March 5 (Reuters) – Guyana, the South American country that has been home to some of the world’s largest oil discoveries for the past decade, is once again looking for untapped natural resources. gas wants to develop its resources, vice president Bharrat Jagdeo said on Sunday.

Jagdeo said the country aims to diversify its oil sector and secure new sources of revenue before the energy transition to renewable sources reduces demand for fossil fuels.

In just a few years, Guyana has found 11 billion emerged as an oil plant with more than a barrel of extractable oil and gas.

which Exxon produces in the huge Stabroek block gas Not used by Guyana or sold abroad. Exxon is currently re-injecting the gas to maintain pressure in the oil wells.

But Jagdeo told Reuters the government sees gas as a way to transform the nation of about 800,000 people.

“We believe that gas it has to be monetized,” he said in an interview Monday before speaking at the CERAWeek energy conference in Houston.

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Vice President plans to use the conference to introduce the 14 untapped offshore blocks to a global audience of energy sector executives and ministers.

Cagdeo said the government expects to receive a plan this year from Exxon to develop the company’s gas discoveries. According to him, the country is working with technicians and consultants to supply gas to various fields ranging from petrochemicals to exportable liquefied natural gas (LNG). national discusses strategy.

He spoke about the potential of becoming an LNG exporter: “We have had a number of companies come to us and say, ‘If you do this, we want to be considered.'” He declined to identify which LNG producers have applied to the government.

of Guyana’s 6.6 million hectare Stabroek Block 20Exxon, which said it may be required to waive % 2018He did not develop the Pluma discovery announced in .

“If they don’t use it, they should give it up,” Jagdeo said. Pluma is close to Guyana’s maritime border with Suriname, where other oil and gas discoveries have been made.

Reporting by Marianna Parraga; Added by Gary McWilliams report; Edited by Bradley Perrett

Our standards: Thomson Reuters Trust Principles.

Marianna Parraga

Thomson Reuters

Covering Latin America’s oil and gas industry 20 with years of experience focusing on energy-related sanctions, corruption and money laundering. in Venezuela born and based in Houston, she is the author of Oro Rojo, about Venezuela’s troubled state company PDVSA and a mother of three boys.

2023-03-06 08:13:35
Source – reuters

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