Guyana Energy Sector Overview

Opportunities exist for U.S. companies to supply the oil and gas sector as well as meet limited renewable energy needs in Guyana. 

Guyana began its oil production in 2019 and has an estimated +11 billion barrels of recoverable oil resources. The country’s daily production rate is currently averaging over 600,000 barrels per day (bpd) with an estimated 1.3 million bpd after 2027. Additionally, Guyana’s gas resources are currently estimated at 17 trillion cubic feet of gas (to date) with survey studies to be undertaken to assess the potential petroleum resources available for development and production. The consortium of ExxonMobil, CNOOC & Chevron is licensed to operate the prolific Stabroek block while eight oil new blocks were awarded with licensing and exploration activities to commence in 2024, pending successful financial closures.

Guyana’s current energy matrix is significantly reliant on heavy fuel oil (HFO), leading the government to develop diversification plans. The list below contains examples of ongoing projects which may present future opportunities for U.S. suppliers. 

• Current 300-megawatt (MW) gas-to-energy (GtE) plant construction.
• 165 MW Amaila Falls Hydropower project is currently in the proposal review phase.
• A 30,000 - 50,000 barrels of oil refinery in the Berbice region.
• Smaller scale solar farms are planned to include a 10MW solar farm in Berbice, 8MW solar farm in Essequibo and 0.6MW solar farm in Leguan where an estimated US$22 million is budgeted 2024. Additionally, solar mini grids for least five indigenous communities and over 3,000 solar panel distributions are required for the year 2024.

There are also additional future projects/initiatives which are anticipated to present opportunities for U.S. companies. 

• A second large scale power plant investment as the anticipated energy demand is expected to double by 2026.
• Projects which can help with the monetization of its natural gas reserves with companies investing in the exploration of viable gas reserves, installation of the necessary pipelines and realization of climate friendly gas utilization solutions.
• The enhancement of its “Low Carbon Strategy” with clean energy solutions coupled with carbon capture to maintain its carbon sink footprint despite its heavy oil production.

Utilization of a soon-to-be completed gas pipeline which has an estimated 20 – 70 million standard cubic feet of gas unutilized capacity at its newly established Wales Industrial Zone.

While invitations to tender (RFPs) are a norm, review of proposals can be time consuming with limited notice of tender closures and/or the incorporation into new requests. The government is generally open to receiving unsolicited proposals, but one should bear in mind the possibility for disclosure to non-U.S. competitors during the review process. U.S. companies should consider working with a local partner to monitor opportunities. For additional information on the sector, please contact Amanda.Edmondson@trade.gov.