Guyanese Member of Parliament (MP), Jermaine Figueira believes the imminent Gas-to-Energy Project will be a game-changer for the South American producer as it is intended to provide a reliable and affordable source of energy for domestic consumption while facilitating other industries’ growth.
While the benefits of affordable energy will be a major boost to Guyana’s competitiveness, Figueira said national attention ought to be given to the products that can be had from gas. He said these products can take Guyana to new heights of economic growth while making it a major player in the South American continent and within the Caribbean Community (CARICOM).
Figueira said the Guyana Government now has raw materials within its reach from the Stabroek Block to establish a nitrogen plant. He said this could enable Guyana to be one of the major suppliers of nitrogen fertilizer in the Caribbean and the entire South American continent. The politician asked, “Can you also imagine how impactful this will be for local farmers and the agricultural sector, bringing Guyana closer to becoming the food basket of CARICOM?” Such benefits he alluded, should not be overlooked.
Further, the MP said a methanol production plant can provide a good yield of chemicals such as formalin. He said this can be converted into many other derivatives, including the use of formaldehyde as a disinfectant and in the production of paints. The politician said all of these products can be produced and sold to Guyana’s neighbours and further afield.
Another product he said Guyana can benefit from is Liquefied Natural Gas (LNG), which can also be exported too, thereby providing additional revenue to the country. Additionally, he said Guyana needs to tap into the growing demand for LNG in the emerging economies of Asia while also catering to regional markets such as North America.
In the process of pursuing the above, Figueira said Guyana can become a significant player in the LNG market while establishing itself as a booming energy hub.
Guyana’s Gas-to-Energy Project is expected to cost some US$1.7B and come on stream by 2024. It consists of a pipeline that will be connected to the Liza Phase 1 and Liza Phase 2 projects in the Stabroek Block. Gas would be transported from those projects to onshore facilities at the Wales Development Site.
The Gas-to-Energy Project is a joint collaboration between the Guyana Government and Exxon’s affiliate, Esso Exploration, and Production Guyana Limited.