Monday, February 6, 2023

With gas project in tow, Guyana offers UK energy security

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With Russia choking its natural gas supply to dependent European countries, there is now a worldwide scramble to source power as a cold storm approaches fast. Some countries have returned to coal-fired power. Others have turned to unlikely sources to fill the gap left by Russia.

And with massive gas reserves and a Gas-to-Energy project for a 2024 start-up, Guyana is a clear ally. Its President, Dr. Mohamed Irfaan Ali, even pitched providing energy security to one of its main development partners – the United Kingdom.

Addressing a delegation led by the UK’s Trade Commissioner for Latin America and the Caribbean, Jonathan Knott on Wednesday, Ali urged that the UK private sector considers Guyana investments in energy security, to have a safety net that withstands shortages and constant market fluctuations.

“…[because] you do not have the luxury of unleashing your reserves… when things tense. You are faced with the full brunt of the open market. And I think together, we should work to see how we can support each other because there are ways in Guyana that even your energy security, can be secured,” the Head of State outlined.

Dr. Ali expressed that natural gas is a far better option than coal generation as it can be used as the gateway fuel to cleaner energy. And this is the route Guyana is on.

Guyana exports could replace 4% of all Russian gas that went to Europe in 2021 – Analyst | OilNOW

The South American nation is going to use its natural gas to power its renewable future.

Vice President, Dr. Bharrat Jagdeo had said that Guyana’s gas reserves out of the Stabroek Block number around some 16 trillion cubic feet (Tcf). It surpasses Trinidad and Tobago’s 11 trillion cubic feet (Tcf) which ranks 36th in the world.

Guyana will also be putting 14 of its deepwater oil blocks up for auction in the coming months. And according to the President, some of the blocks will be left for “government-to-government” partnership.

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