Overview
The GoG has an ambitious agenda to reduce the cost of electricity by 50 percent through the development of a 300-megawatt gas-to-shore project, the largest public infrastructure project in Guyana’s history. The GoG is rolling out plans to deliver on a diversified energy mix including solar, wind, hydropower projects, and micro-grids to decarbonize the energy matrix and provide small scale power generation solutions for remote communities. U.S. firms are well positioned to utilize opportunities for integration of renewable power to the grid. U.S. firms are encouraged to participate in tenders as there is a shift towards high quality and reliability and away from lowest cost as the deciding factor.
ExxonMobil and its partners Hess and the Chinese National Offshore Oil Corporation (CNOOC) first discovered oil in the Stabroek Block offshore of Guyana in 2015. In December 2019, ExxonMobil’s first Floating Production Storage and Offloading (FPSO) vessel began production from the first well field in Guyana. By the end of 2023, Exxon and their partners are on track to produce over 500,000 barrels of oil per day (bpd) from three FPSOs. The pace of production in Guyana is projected to accelerate dramatically with Guyana projected to produce over 1.2 million bpd by 2027, making it a top 20 oil producing nation and by far the largest oil producing nation per capita. The rapid ramp-up creates opportunities for oil and gas support service companies and suppliers. U.S. firms are competitive in this sector as a U.S. consortium won a contract to deliver the Natural Gas and Power plant at the end of 2022.
The Ministry of Natural Resources develops, implements, and oversees policies for the exploration and utilization of Guyana’s natural resources, including oil. The Local Content Secretariat is responsible for ensuring firms comply with the LCA and is housed within the Ministry of Natural Resources. Investors seeking to participate in Guyana’s oil and gas sector are encouraged to register with both the Local Content Secretariat and the Center for Local Content and Development, which has a supplier registration and serves the oil and gas sector in addition to the Secretariat.
Sector specific opportunities:
- Oil and gas exploration and development
- Provision of drilling and seismological equipment
- Shore base services
- Deep water Port
- Industry specific trainings and capacity building
- Marketing and hedging of oil on behalf of the Government of Guyana