Guyana’s Oil and Gas Sector Attracts New Investments

News

Guyana’s burgeoning oil and gas sector is poised to receive significant new investments as international interest escalates. Speaking at the Guyana Oil and Gas Energy Chamber’s Annual Dinner over the weekend, President Irfaan Ali highlighted the influx of reputable international companies seeking opportunities in both offshore and onshore operations.

President Ali emphasized that the country has successfully positioned itself to attract international investments while simultaneously supporting local private sector growth. “There is no market that has generated this level of confidence and interest in this sector. We have defined our market in a way that is attractive yet supportive,” he stated.

The President underscored the sector’s expansion, noting production levels have surged from approximately 650,000 barrels of oil per day at the beginning of the year to around 930,000 barrels per day currently. He mentioned strategic developments, including a partnership with Quater Energy, Total, and Petronas, which involves a US$300 million investment in oil development.

Moreover, the President indicated that additional agreements are anticipated by year-end, including another shallow block contract, along with exploration in the Kaieteur Block estimated at US$600-700 million.

The President also discussed infrastructure investments, such as the gas-onshore project in Berbice and the Wales gas-to-energy power plants. He projected that the Wales operations alone would require approximately US$4 billion over the next five years.

Overall, the Wales and Berbice initiatives are expected to support around US$10 billion in infrastructure and investment. In the upcoming days, President Ali plans to outline the government’s economic expansion strategy and infrastructure development trajectory for the next five years, further emphasizing the promising future of Guyana’s oil and gas sector.

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