Dr. Bharrat Jagdeo, Vice President of Guyana, said the government has contributed US$100 million from the treasury towards the Gas-to-Energy project. The project’s total cost is $US1.8 billion of which Guyana will plug US$759 million. It aims to establish a facility with a 300 MW natural gas power plant and a natural gas liquids (NGL) plant at the Wales Development Zone.
A joint venture between CH4 and Lindsayca will develop the integrated facility.
The government of Guyana has applied for a loan from the United States Export-Import (EXIM) Bank, which Jagdeo said, is to cover the remaining cost. He had expressed optimism about engagements with US officials, and has said the United States government is fully supportive of the project, which aims to cut power costs in Guyana by 50%.
The project aims to utilise Guyana’s natural gas resources from the Liza field to generate electricity and natural gas liquids for commercialisation, contributing to energy security and reducing Guyana’s carbon footprint. The grid is being powered almost entirely using dirtier fossil fuels.
Exxon is also rolling out plans to lay a pipeline to transport gas from the Liza field offshore Guyana, to Wales.