Oil refinery not on “immediate horizon” – Guyana Finance Minister

Must Read

‘Every cent of oil money must be accounted for’ – Guyana President reaffirms at inauguration

President of Guyana Dr Mohamed Irfaan Ali says his government will ensure transparency and accountability in the oil and...

Frontera upbeat about Guyana offshore as big leads targeted for drilling

Frontera Energy said on Thursday it is highly optimistic about newly detected drill prospects on the offshore block it...

Venezuela state-oil firm looking to ship its own oil as crushing sanctions deepen

Venezuelan state-run oil firm PDVSA has begun offering to ship its own oil, figuring in the costs in crude...
OilNOW
OilNow is an online-based Information and Resource Centre which serves to complement the work of all stakeholders in the oil and gas sector in Guyana.

As preparations move forward in Guyana for oil production, set to begin in less than 24 months, the country’s Finance Minister, Winston Jordan, says the prospect of building a local refinery is not an immediate concern of government.

Mr Jordan said a number of refineries located in the Caribbean, and throughout the region, including Trinidad and Tobago’s Petrotrin, remain options which are being examined by the administration and a decision is yet to be made on the way forward.

Regarding building a refinery in the South American country, he said “I don’t think that this is on the immediate horizon where production would be as it relates to our part of it. But certainly, as production ramps up, when it becomes feasible I am sure a refinery would become more and more into the future,” he said. The Finance Minister was speaking at the time on a webinar conducted on Wednesday, August 15, moderated by Economist Marla Dukharan. Former Trinidad and Tobago Minister of Energy and Energy Affairs, Kevin Ramnarine, was the other guest on the programme.

In May 2017, Pedro Haas, Director of Advisory Services at Hartree Partners, presented a report based on a study commissioned by the Guyana government to determine if it was feasible for the country to set up an oil refinery. Haas outlined a number of scenarios that saw the cost of setting up such a facility exceeding US$5 billion.

Mr Ramnarine told OilNOW in a recent interview that the more discoveries that are made the more relevant discussions about building a refinery in Guyana will become. “So the discussion on whether to refine or not to refine is a discussion that should not be put away in Guyana. It’s a discussion which I think should be ongoing in this country. If there is no refinery in this country it means that you have to import refinery products. It would be a government decision at that point in time whether to use the revenues from the exports to subsidize the imports of refined products,” he said.

ExxonMobil’s 8th discovery in Guyana has pushed total estimated recoverable reserves to more than 4 billion barrels of oil with projected daily output potentially exceeding 750,000 barrels per day by 2025. Oil production is set to begin by March 2020.

- Advertisement -

Latest News

Brazil doubled oil exports in July

(MercoPress) Brazilian oil exports more than doubled in July to 8.19 million tons, compared to 3.76 million tons shipped...

‘Every cent of oil money must be accounted for’ – Guyana President reaffirms at inauguration

President of Guyana Dr Mohamed Irfaan Ali says his government will ensure transparency and accountability in the oil and gas sector, citing the phenomenal...

Frontera upbeat about Guyana offshore as big leads targeted for drilling

Frontera Energy said on Thursday it is highly optimistic about newly detected drill prospects on the offshore block it shares with CGX Energy in...

Venezuela state-oil firm looking to ship its own oil as crushing sanctions deepen

Venezuelan state-run oil firm PDVSA has begun offering to ship its own oil, figuring in the costs in crude supply deals to help customers...

Crude oil futures edge higher

Crude oil futures were marginally higher in mid-morning Asian trade Aug. 7 as optimism over a better-than-expected US jobs report and pledged compensation cuts...

More Articles Like This