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Guyana is seeking greater regional integration with its Caribbean counterparts to foster and secure a sustainable energy future.
Speaking at the opening ceremony of the 2024 Guyana Energy Conference and Supply Chain Expo at the Marriott Hotel in Georgetown, Guyana’s President Dr Mohammed Irfaan Ali, said the full and complete integration of its economy within Caricom is a top priority.
“Our energy potential can only be translated into value if there is a market, and if we can define our market space within the region itself, then it points to very low-hanging fruits. But we have to build infrastructure to facilitate this, to facilitate the movement, to facilitate the trade, and to facilitate the integration.” Ali said that is why Guyana is placing great focus on the supply and logistics aspect of the energy infrastructure.
He said building the energy ecosystem will lead to other important developments in the country and region. Guyana is set to produce more than one million barrels of oil daily before the end of this decade and as it concretises oil production plans, the country is now majorly focused on harnessing its natural gas resources to generate cheaper electricity locally. Ali said a massive gas-to-energy project is being developed in Wales on the West Bank of Demerara (WBD). That project will bring natural gas into the Stabroek block offshore Guyana via a pipeline and fire a 300-megawatt power plant in Wales.
With heightened investment interest, stemming from the prospects of cheaper energy costs, Ali said there is enough demand for a second pipeline to bring more gas onshore. The first phase of the pipeline in Wales, which is operating at 40 per cent capacity, produces 4,000 barrels of propane and butane per day, with domestic consumption at 800 barrels per day. At full capacity, Guyana is positioned to produce approximately 10,000 barrels of propane and butane per day. Taking into account domestic demands, Guyana will have 9,000 barrels per day ready to export.
Ali said this would allow Guyana to fulfil its domestic demands and cater to regional requirements.
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