Guyana Bets on Gas Boom Amidst Exxon-Led Expansion

Guyana's government anticipates a major Exxon Mobil-led consortium will soon disclose offshore gas development plans. As the fastest-growing economy due to offshore oilfields, Guyana aims to monetize gas for domestic growth and export. Collaborations with Fulcrum LNG and potential Suriname partnerships are in view amid external capacity concerns.

Guyana's government is poised for a significant announcement as it awaits a detailed plan from a consortium led by U.S. oil giant Exxon Mobil regarding offshore gas development. The disclosure, anticipated by the end of March, was highlighted by Vice President Bharrat Jagdeo during an energy conference in Georgetown.

Guyana, known for its brisk economic growth driven by offshore oil yield from Exxon, Hess, and CNOOC, seeks to harness natural gas to propel domestic development. The government is negotiating contracts for power and petrochemical projects reliant on this resource, which is abundant in the Stabroek block.

Despite concerns over Fulcrum LNG's capacity to handle up to $30 billion in projected development costs, Guyana's leadership remains optimistic about their partnership. Guyana also contemplates a joint effort with Suriname for gas field development, strengthening its regional energy stance.

(With inputs from agencies.)