Why we love Guyana’s oil (and why it’s worth investing in)
Guyana has been hailed as a pioneer in the development of low-carbon fuels such as liquefied natural gas (LNG), with the country’s oil minister announcing plans to increase production of the gas from 1.2 billion tonnes per year to 2 billion tonnes by 2030.
But while Guyana boasts of a record low CO2 emissions per capita, it is also the only country in the world that has already proven the potential of oil sands and its oil-rich environs.
The country is home to over half the world’s oil reserves and its vast deposits of natural gas and petroleum, and the country has been investing in developing its oil and gas industries.
The first step is to develop a successful oil field, a process that involves drilling into the ground to extract oil and then using the resulting gas to make more refined products such as plastics, biofuels and lubricants.
However, this has been a costly and difficult process for Guyana, with the government having invested in many of the wells it has drilled.
This has led to many small oil producers to leave the country, and a recent survey of more than 1,000 companies in the country showed that only 13 percent have returned to their home country.
In the meantime, the government has been making its case for the benefits of oil.
In a recent speech, Guyana Prime Minister James Lobo said that the country had invested $20bn in the oil industry and that, in addition, he wanted to increase the number of oil companies operating in the territory by a third.
In 2015, the country announced that it was to invest $4bn in a $50bn oil pipeline, which would provide up to 4 million barrels per day (bpd) of oil a day to the rest of the world.
This investment was part of a plan to develop the oil fields, and Lobo has made the case for this investment to create jobs and generate billions of dollars in economic benefits for the country.
Despite this investment, there have been several setbacks.
For example, it has been difficult to access the fields and the government was forced to cut subsidies to oil companies as the government struggled to cope with the low prices that have affected the price of oil and the cost of servicing the loans.
In addition, the company that was contracted to provide the gas to the oil field was unable to meet its contractual obligations, leading to the shutdown of the project in 2020.
The company that ran the gas pipeline is now in talks with the state to resume the project.
In 2017, the oil minister said that he wanted the country to invest in its oil industry, but this has not happened, leading him to admit that the sector needs to be modernised.
“We are a poor country.
We are not an oil and natural gas rich country.
That is the truth,” Lobo told the BBC in May 2017.
Lobo said he wants to build up a pipeline network that will take oil from the oilfields, the fields to the ports and then back to the port.
However, the pipeline network is currently only partly completed, and it will take two years to complete.
The pipeline would take oil between the fields, but the oil will not be shipped through the pipeline, meaning it will have to be shipped from a shipyard.
This is a problem for Guyanas oil company, which will need to ship the oil through another vessel.
And there is no option for the oil company to transfer the oil to a shipping container.
“What the oil companies want is to have the pipeline open in 2020 and then the oil that is being shipped through it to come through to Guyana,” Loyaso said in May.
However the government says that the process is still in its early stages and that the pipeline has been in place for almost a decade.
“There is no reason for us to go back to that pipeline.
That pipeline will never be ready to ship oil, it will never open,” Lobos said.
Guyana is also facing competition from the US and Saudi Arabia in the energy sector.
Last month, the US announced that they were expanding their oil production by a total of 50 million barrels a day.
In June, US oil giant Chevron said that it would build a new $4.5 billion refinery in the Dominican Republic, which could boost its exports of crude oil to the Caribbean nation.
In 2018, the Dominican government announced plans to build a $10bn refinery in Guyana that will allow for the export of liquefiable natural gas, which is used to produce petroleum products.
“This will enable us to increase our exports of liquified natural gas to Guyanas from the Dominican republic,” the Minister of Economy, Trade and Development, Miguel Rodriguez, said at the time.
However there have also been warnings that the expansion could lead to higher prices for the Caribbean country’s exports.
The refinery is