Negotiations still ongoing for US$300M oil refinery in Guyana – Ambassador Theriot

– Govt, US company ironing out contract details

The Guyana Government and United States-based Curlew Midstream are still ironing out contract details with respect to refining and storing locally produced oil, according to US Ambassador Nicole Theriot.
Talks have been ongoing between Guyana and the Bentonville, Arkansas-headquartered energy infrastructure company since February 2025, but a deal is yet to be struck.
During a recent appearance on the “Sources” programme, however, Ambassador Theriot indicated that this collaboration is still active, dismissing concerns that the project has been stalled.
“I was talking to the Government and to Curlew about this. Negotiations are absolutely ongoing. They’re still working to reach an agreement on the contract, so it’s best if I don’t speak to it further because it is still ongoing. But we are very confident that they will reach a resolution,” the US diplomat stated.
This refined fuel facility will see a minimum of US$300 million investment in the first two years, aiming to process 30,000 barrels of oil daily.
Back in February 2025, Curlew detailed that the partnership with the Guyanese Government will ensure Guyana’s continued move toward energy independence. In addition, it stated that the partnership will allow Guyana to store 750,000 barrels of gasoline, diesel, jet fuel, and heavy fuel oil in a modern fuel storage facility.
It was also reported that it will enable Guyana to meet 100 per cent of its domestic fuel needs while also supplying high-quality, non-sanctioned fuels to nations of the Caribbean Community (CARICOM).

The company further added that the increased fuel trade between the US and Guyana through the Curlew terminal would lead to “an immediate, dramatic reduction in the wholesale and retail prices of fuels that power the nation”.
“These cost reductions will have the further impact of reducing the costs of all goods transported by air, road, and river. Additionally, the impacts of the reduction of fuel costs will be felt by businesses and households across Guyana in lower production costs of electricity generated by burning heavy fuel oil prior to the completion of the massive gas-to-energy complex,” Curlew had stated.
President Dr Irfaan Ali reiterated that in order for Guyana to move into its rightful and proud place in the growing regional economies, infrastructure must be viewed as one of the most vital puzzle pieces alongside education, healthcare, tourism, and oil and gas. He highlighted the partnership with Curlew as a giant leap in that direction.
An oil refinery is a factory that turns crude oil into useful products, like diesel, gasoline, lubricants, and heating oil.
The Government has already been exploring the viability of a 30,000-barrel oil refinery at Berbice, enabling the country to sell different parts of crude oil to various industries.
With Guyana now producing more than 900,000 barrels per day (bpd) of oil offshore in the prolific Stabroek Block and exporting over one million bpd, coupled with the recent Middle East war, it has underscored the need for a local refinery.
Just last month, President Ali sparked renewed discussions on a national refinery, emphasising that the strategic development of regional resources is essential to safeguarding the Western Hemisphere’s economic stability and energy security.
The conflict involving Iran, Israel, and the United States as well as other Middle East nations has seen mass disruptions of oil flow from the Strait of Hormuz – one of the world’s most critical oil transit routes. The war has resulted in some countries that heavily depend on oil from the Gulf region facing rising costs and even fuel shortages, including natural gas.
Speaking at the recent 136th General Meeting of the Georgetown Chamber of Commerce and Industry (GCCI), the Guyanese leader stated, “This is a massive disruption, and that is why we support every effort to have the Strait of Hormuz open and functional and every effort in bringing the war to an end. We also support every effort to protect key energy infrastructure in the Gulf States. There is no other option – we are all going to suffer under these circumstances.”
“This, of course, brings us very importantly to our policy decisions moving forward. One of the strategies is to increase our storage capacity and take it to a level where we can better control price differentials and cushion extreme shocks on the market… Now, I believe we should return to the conversation of a refinery and security. This challenge has opened up discussions globally and reinforced what the US policy for the Western Hemisphere has been – that we must optimise our resources and the development of those resources for the protection and economic viability of the hemisphere.”
He further noted that these considerations are critical to the region’s energy viability.
“These are no longer far-fetched ideas; they are now realities that we must embrace. An important part of this reality is ensuring we have a secure, rule-based hemisphere in which our shared values of democracy and freedom are upheld. We cannot continue to look beyond our hemisphere for solutions when we have so many resources within the Western Hemisphere that must be developed if we are to secure a sustainable future for ourselves. It is in this context that we must view this conference.”