Vice President (VP) Bharrat Jagdeo has made it clear that Guyana has no intention of halting oil and gas exploration, reaffirming the Government’s strong commitment to developing its natural resources to stimulate long-term economic growth and improve local livelihoods.
At a recent press conference, Jagdeo outlined the country’s strategy for ramping up exploration and boosting investor confidence, noting that continued exploration is vital to expanding reserves and supporting future development.
“We have no intention of stopping any exploration for more oil and gas. In fact, we are encouraging this,” he emphasised. “Exploration activity feeds directly into the local economy through job creation and procurement under our Local Content Law.”
The VP explained that the Government’s latest offshore auction—conducted even before the new Production Sharing Agreement (PSA) and updated Petroleum Activities Act 17 of 2023 were finalised—was a necessary step toward keeping Guyana competitive in a dynamic energy market. Now, with a more robust legislative and regulatory framework in place, Guyana plans to issue more seismic contracts to improve future auction outcomes and stimulate interest from global investors.
“We’re fixing the gaps and the next auction will be done with more technical data and under modernised laws,” Jagdeo stated.
Meanwhile, Jagdeo also provided critical clarity on the Government’s position regarding potential gas exports, particularly to Trinidad and Tobago. Responding to recent regional statements and media speculation, Jagdeo said, “There is no gas today to supply to anyone.” He explained that all associated gas from the Liza fields is currently allocated to Guyana’s power generation and fertiliser production through the upcoming Gast-to-Energy (GtE) Project.
However, the Government is actively assessing the viability of additional gas development projects, such as from the Pluma and Haimara fields —through a public-private model. Fulcrum LNG and ExxonMobil are among the entities engaged in preliminary discussions, exploring various options including Liquefied Natural Gas (LNG) export, industrial use in Guyana, and regional energy cooperation.
In the Stabroek Block, which United States (US) oil major ExxonMobil and its co-venturers are operating, some 17 trillion cubic feet of gas has already been found with the Pluma and Haimara wells being proven gas fields. The People’s Progressive Party/Civic (PPP/C) Government is seeking to develop this gas.
US energy firm, Fulcrum LNG Inc has been selected to work in a tripartite arrangement with the Guyana Government and ExxonMobil to develop a potential gas project. There is also the model Gas-to-Energy (GtE) initiative that is currently under construction at Wales, West Bank Demerara (WBD).
The GtE Project will include a Natural Gas Liquids (NGL) facility and a 300-megawatt (MW) power plant utilising the rich natural gas from the Liza Fields in the Stabroek Block, offshore Guyana. A second GtE Project is also in the pipeline.
