Introduction
Last week’s column had raised the conundrum: What next? Given that, I am advising against state investment in oil refining therefore, what other major options I am recommending for realizing the substantial potential of Guyana’s recent petroleum finds. Thus far I have indicated: 1) my openness to the construction of modular mini refinery/(ies) if financed by “non-state” investors and, 2) the pursuit of those commercial options identified in the Pedro Haas feasibility study. A third option, natural gas development, was introduced last week and this will be further explored today.
Natural Gas: World Context:
First, consider the global natural gas situation. I had indicated last week, the International Energy Agency’s (IEA) estimate of global production (percentage share by country/region), for the period 1973 to 2016. In the IEA’s 2017 Natural Gas Analysis and Forecast, 2022, as many as 16 opportunities, which are encouraging for Guyana’s prospects have been identified; ranging from structural shifts in global production, consumption and trade, to environmental, technological and national security factors.
