“The natural gas onshore project is about to be completed”

–Dr. Jagdeo affirms that funding is not an issue

The gas-to-shore energy development project on the West Bank Demerara (WBD) in Wales is making significant progress, with the government set to release $400 million from its resources to advance the project.
The General Secretary of the People’s Progressive Party, Dr. Bharrat Jagdeo, confirmed at a press conference at Freedom House in Georgetown on Thursday that the project is still moving forward despite the delay in securing the $660 million loan.
Additionally, Dr. Ashni Singh, senior minister in the President’s Office for finance and public services, plans to meet with Ex-Im Bank executives to further the request.
“We have paid about $400 million from our resources, which is more than half of the (cost) of the project. This is even better for us. Now, because of the way it is structured, we can get reimbursed,” Dr Jagdeo disclosed.
The much-anticipated project will see the laying of a 200km pipeline to transport gas from the Liza Destiny and Liza Unity floating production fields to land. Once at the West Coast Demerara facility, the pipeline will continue for approximately 25km to a soon-to-be-built liquefied natural gas (NGL) plant in Wales.
Once completed, the natural gas power generation project will have a significant impact on the country’s economy, attract sustainable investment in various fields, and create a large number of jobs.
“The project will be completed even if it means funding from our own budget,” Dr. Jagdeo stressed.
Energy costs are expected to drop by 50 percent, providing cheaper and more stable electricity to the people of Guyana.
The government has partnered with ExxonMobil to develop the necessary infrastructure and facilities to transport and process natural gas for power generation and other applications.