Budget 2026 shows disciplined management of oil, gas revenues – GOGEC

…welcomes focus on energy transformation, competitiveness

The Guyana Oil and Gas Energy Chamber (GOGEC) has welcomed the Government of Guyana’s Budget 2026, describing it as a clear continuation of the national strategy to responsibly manage petroleum resources while advancing energy transformation, industrial growth, and long-term competitiveness.
On Thursday the Chamber President Manniram Prashad said the budget demonstrates disciplined use of oil and gas revenues as a platform for structural economic change, with a focus on energy security, reduced production costs, and private sector development.
According to the Chamber, Budget 2026 reinforces the Government’s commitment to strong governance in the oil and gas sector through improved regulation, enhanced technical capacity, and transparency. The budget also outlines a sustained production outlook and an expanding development pipeline in the Stabroek Block, including the continued progression of new floating production, storage and offloading vessels (FPSOs) and regulatory review of additional projects.
The Chamber said this approach supports investor confidence while ensuring petroleum revenues are converted into long-term national benefits.
Strong support was expressed for the continued prioritisation of the Gas-to-Energy (GtE) project in Wales, which the Chamber described as one of the country’s most significant infrastructure initiatives. Budget 2026 confirms that $10.7 billion has been allocated to the project, with the Government targeting completion of major components before the end of 2026.
These components include a 300 megawatt (MW) gas-fired power plant, a control centre, a natural gas liquids (NGL) plant, and associated transmission lines. Phase One of the project is expected to double electricity generation capacity and reduce the cost of power, creating conditions for industrial development and improved national competitiveness.
The Chamber noted that the project is expected to contribute to lower electricity tariffs, support manufacturing and agro-processing, enhance energy security, and position Guyana as a regional industrial and logistics hub.
Budget 2026, the statement said, also highlights the Government’s forward planning for Phase II of the Gas-to-Energy development, including procurement for an additional 300MW power plant and expanded NGL capacity. The Chamber further welcomed plans to extend gas infrastructure beyond Wales, including work toward a second natural gas pipeline to Berbice.
On local content, the Chamber acknowledged progress under the existing framework, noting that more than 1200 Guyanese businesses are registered and that procurement across prescribed sectors has exceeded US$1 billion. The statement also welcomed efforts to improve efficiency and timelines in local content certification.
In addition, the Chamber welcomed the energy sector’s investments outlined in the budget, including grid stability, renewable energy integration, and transmission upgrades. Budget 2026 allocates $66.2 billion for upgrading the national transmission and distribution network to support the delivery of gas-to-energy power across regions.
The Guyana Oil and Gas Energy Chamber said Budget 2026 strengthens the country’s position as an emerging energy economy while ensuring the oil and gas sector contributes to infrastructure development and economic expansion. The Chamber said it remains ready to work with Government and industry stakeholders to support implementation of the energy agenda and deepen local participation in the sector.