[ad_1]
Guyana is exploring electricity exports to monetize resources, President Ali said
Kaieteur News – The Guyana government has contracted US-based Fulcrum LNG to help monetize the country’s natural gas resources. Several options are currently under consideration, including electricity exports, pending full technical and financial analysis.
President Irfaan Ali addresses reporters during a press conference
President Irfaan Ali disclosed this at a press conference at State House, Georgetown, on Thursday.
He explained: “We have recently completed an expression of interest for a large gas project (gas-to-power project) outside of the Welsh development. We have identified a company that along with the Government of Guyana, ExxonMobil and its partners must now have discussions and together we must develop a model and a plan to move forward with this large gas development in our country.”
In January this year, Government invites proposals Seeking private sector participation in the design, financing, construction and operation of natural gas infrastructure to support current and future upstream development in Guyana.
The president noted that the government has formed a technical team to discuss and draft a model for the utilization of natural gas resources. President Ali expects to sign a summit agreement on this matter next year.
“We want to monetize gas as soon as possible to add an additional revenue stream, not only gas but also the condensate that comes with it,” President Ali said. “In fact, this is a huge opportunity and potential for us, but we cannot know this, we cannot know the extent of the opportunity, until a comprehensive technical (and) financial analysis is completed, we will know what we have.”
To this end, he revealed that several possibilities are being studied, including exporting energy through the development of energy corridors to Brazil and Suriname, and also mentioned the marketing of natural gas by-products.
Ali also hinted at the possibility of building a second power plant to make the country an electricity exporter.
“The agreement also talks about the construction of onshore facilities and additional power plants that can be used not only to export gas, but also to directly export electricity. Therefore, we believe that there are many opportunities that can be generated from the gas being transported to shore or after processing, but these are things that will be explored in the negotiations and then a viable option will be proposed, that is, the most competitive, the most cost-effective, the most profitable option”, explained the head of state.
The Guyana government is currently implementing a $2 billion gas-to-power (GTE) project. This is the country’s first natural gas project. The project is expected to generate 300 megawatts of electricity and an additional 3,400 barrels per day of by-products.
Project Leader Winston Brassington It had previously said the start-up of the facility would provide the country with about 4,100 barrels per day of by-products such as cooking gas and cigarette fuel, among others.
However, Guyana utilizes approximately 700 barrels of these products per day, which means that the country must find markets for 3,400 barrels of by-products per day, or 1,241,000 barrels per year.
related
[ad_2]
Source link
