Guyana Oil Development Opportunity
The country is developing a new source of natural gas that can help meet its oil and gas needs as it struggles to find new energy sources.
The government hopes to open a gas processing plant in Guyana’s oil-rich Central Highlands region by 2021, a government official said Monday.
The company is one of two foreign firms seeking a license to explore for natural gas in Guyan, where the country’s oil industry is still struggling.
The other firm, BP PLC, has also applied to open an oil processing plant, but the project has been stalled.
Guyana is the largest producer of oil in the world.
But the country has no natural gas, which it relies on to make electricity.
The country has struggled with low natural gas prices, which have helped stymie an economic rebound.
It also has to import much of its crude oil, and many of its fields are in remote areas.
Guyan’s government has made some progress toward reopening the oil processing plants, but there’s still a long way to go, the official said.