Guyana greenlights $51.2 billion to move forward with its mega gas-to-energy project

(offshore-energy.biz) Guyana’s Office of the Prime Minister has put its stamp of approval on planned budgetary allocations of $141.45 billion, which is anticipated to lend a helping hand in finishing important projects. As a result, this amount encapsulates a $51.2 billion investment to bolster the country’s flagship gas-to-energy (GtE) project. 

This sum makes up the lion’s share of a larger budget slice of $88 billion, which is envisioned to enhance power generation across Guyana. To this end, $18 billion is planned to be used to support the Guyana Power and Light (GPL) company. Mark Anthony Phillips, the country’s Prime Minister, has confirmed that $36.2 billion is earmarked for the construction of a natural gas power plant and a natural gas liquid plant.

Aside from this, over $1 billion is set aside to obtain project consultancy services, while $18 billion will be allocated to handle fuel price volatility to enable citizens to pay the same electricity rates they have had since 2020, despite price shocks. In a bid to boost renewable energy deployment, investment has been confirmed for small hydropower projects.

Guyana’s gas-to-energy project, which is getting a $51.2 billion boost, is designed to advance the infrastructure build-out required to allow for natural gas to be transported from an oilfield in the waters of the Stabroek block to an integrated natural gas liquid (NGL) plant and a 300 MW combined cycle power plant at Wales on the West Bank of Demerara.

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