Govt’s gas strategy affirms commitment to resource development – Min. Bharrat at AfriCaribbean Forum
Speaking at the AfriCaribbean Trade and Investment Forum (ACTIF2023), Minister of Natural Resources, Vickram Bharrat, highlighted the release of the Guyana Gas Monetization Strategy as a clear indication of the government’s dedication to developing its gas reserves.
During the panel discussion on opportunities in the oil and gas sector, Minister Bharrat emphasised the strategic importance of the roadmap in managing the nation’s significant gas resources.
He stated, “It shows again, our commitment not only to develop the oil sector but also our gas reserves offshore Guyana.” The strategy is now open for consultation, welcoming public input, including that from industry stakeholders and experts, to shape the nation’s energy future.
Minister Bharrat also underscored the successes in Guyana’s oil and gas sector, citing an 86 per cent success rate in exploration wells. With a current 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.
The administration’s commitment extends to signing the Uaru Field Development Plan and issuing the Uaru Petroleum Production License.
Minister Bharrat outlined government’s policy 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 incentivise 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.
This initiative aims to cut energy costs by 50 per cent, positioning Guyana as an attractive destination for investments.