Guyana**irfaan Ali has called for "immediate" development of its natural gas resources to make the South American country a regional energy powerhouse in addition to its fast-growing ** exports.
Speaking at the Guyana Energy Conference and Chain Expo in Georgetown on Monday, Ali said it asked companies to come up with a strategy to produce more gas. "Now is the time to develop natural gas, and between now and the end of this decade, there is a window of opportunity for Guyana's natural gas resources to be immediately monetized and maximized," Ali said. ”
ExxonMobil, which discovered oil in Guyana in 2015, is rapidly ramping up production with a goal of producing 1.2 million barrels per day by 2028, making the country a significant global player. But Guyana's offshore waters also contain large amounts of natural gas, which ExxonMobil is currently re-injecting into the reservoir as waste. Ali wants to make greater use of this natural gas and sees it as key to developing the country's manufacturing and food hub economy.
Guyana's vision for natural gas may require regional cooperation, as the scale and cost of producing and transporting natural gas is seen as a cleaner fuel for power generation than coal. If successful, Guyana could help the region, including northern Brazil, export agricultural products by building ** and aluminum smelters and a deep-water port, thereby reducing energy costs and expanding manufacturing.
Ali said that in addition to ALI's plans, there is a $1 billion domestic power generation gas coast pipeline project, which is scheduled to be completed in the fourth quarter of this year. The project will provide 50 million cubic feet per day in the first phase and then increase to 1200 million cubic feet per day.
Combined with the nearly $1 billion investment in Guyana's power grid, the project will help reduce costs by 50 percent and improve reliability, Ali said. (Compiled by Xiao Chen).
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