U.S oil giant, ExxonMobil has announced its readiness to accelerate the development of Guyana’s natural gas, with company officials noting that while oil generates revenues through export, natural gas can broaden the impact.

Speaking at one of the first sessions of the Guyana Energy Conference today, President of ExxonMobil Upstream Company, Dan Ammann, said it comes down to maximizing value.

“We are committed to developing Guyana’s gas and maximizing its value and impact for the country. And we are committed to moving as fast as the Government of Guyana in doing what it takes to monetize the resource as rapidly, safely, smartly as possible. When Government advances permitting approvals and market frameworks, we will advance engineering, execution, and investment,” Ammann said.

According to Mr. Ammann, Exxon is prepared to match the Guyana Government’s pace of development, as he alluded to the untapped gas resources.  

Highlighting Exxon’s investment in the construction of the US$1 Billion Gas-to-Energy (GTE) pipeline, Ammann said the company has already taken critical steps to support the transformational project that will significantly lower the cost of electricity and reduce emissions when completed.  

The pipeline, he reminded, is already completed and is awaiting the completion of the 300 megawatt Power Plant and Natural Gas Liquids (NGL) Facility at Wales later this year.

Added to that, he said the Hammerhead Project is designed to send gas to shore via a pipeline, explaining that it can produce up to 95 million cubic feet of gas per day.

“More broadly we see significant recoverable gas resources, particularly in the southeast part of the Stabroek Block. We believe that opportunity is compelling. The work ahead is to translate that resource into a phased integrated plan that aligns infrastructure, markets and timing. With our global experience, deep technical capability and discipline execution, that is exactly the kind of problems ExxonMobil is built to solve,” he told those present.

The ExxonMobil Upstream President posited that while Guyana’s oil chapter remains very strong, natural gas could be its next strategic chapter that would bring more direct benefits.

“Oil is a global commodity – its values realized primarily through export revenues, gas is different. It can power homes and businesses, cut electricity costs, improve reliability and reduce emissions when displacing heavier fuels. And gas can enable industry fertilizers, petrochemicals, manufacturing and many other sectors and services. In other words, oil generates revenues; gas can help build an economy,” he said.

He said it could also benefit the people of the region who are longing for a reliable supply of electricity at a reasonable cost.

He said as it is right now, some power systems in the Caribbean and parts of Latin America are constrained, even as electricity prices remain high with heavy reliance on imported fuels.

Ammann said a stable domestic gas space would strengthen Guyana’s energy security while bringing down domestic energy prices both locally and regionally.   

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