Vice President Dr. Bharrat Jagdeo announced that the Guyanese government is exploring the possibility of developing an additional energy project alongside the gas-to-shore initiative.
This move is driven by the anticipated surge in energy demand, particularly from the construction of factories and hotels, among other developments.
As the government finalizes the gas strategy to ensure the timely implementation of the gas-to-shore project by the end of the year, Vice President Jagdeo highlighted the need for alternative plans to cater to the country’s future energy requirements.
He emphasized that the government foresees a substantial increase in electricity usage, both domestically and commercially, once electricity prices are reduced by 50% by 2025.
The gas-to-power project, a critical element in Guyana’s plan to enhance electricity reliability and reduce costs, consists of two phases.
The first phase aims to transport a minimum of 50 million standard cubic feet of gas per day via an offshore-to-onshore pipeline by 2024, with a maximum capacity of 130 million cubic feet. The associated gas from phase one is expected to be utilized for power generation.
The second phase will commence after the first, with gas production anticipated to supply energy until 2040.
This strategic approach aligns with Guyana’s efforts to ensure that the benefits of natural resource exploitation, particularly in the energy sector, have widespread and lasting impacts on the nation’s development.