Guyana approves budget for gas-to-energy projects

Guyana’s Office of The President has confirmed the approval of a $141.45 billion budget, which includes a $51.2 billion investment to enhance gas-to-energy projects. 

The government has allocated $36.2 billion for the development of a natural gas power plant and a natural gas liquid plant.

Prime Minister Mark Phillips reviewed the budget for the Office of the Prime Minister (OPM) and affiliated agencies, and the Committee of Supply approved a total of $141.5 billion for the OPM.

The new power plant is expected to double Guyana’s electricity-generating capacity and reduce electricity prices by 50% for consumers. The gas-to-energy project aims to enhance infrastructure to transport natural gas from the Stabroek block oilfield, located 100 miles offshore, to an integrated gas liquid plant and a 300 MW combined-cycle power plant.

In addition, the Export-Import Bank of the US approved a $526 million loan at the end of 2024 to support the gas-to-energy project. The initiative will help Guyana reduce its reliance on oil and gas imports and is expected to stimulate growth in other sectors, particularly manufacturing and other industries.