Guyana’s Office of The President has confirmed the approval of a $141.45bn budget allocation that includes an investment of $51.2bn to bolster gas-to-energy projects in the South American country.

Government sources have confirmed that $36.2bn will be used for a natural gas power plant and natural gas liquid plant.

Prime Minister Mark Phillips examined the budget allocations for the Office of the Prime Minister (OPM) and affiliated agencies under his portfolio. As part of the parliamentary budgetary process, the Committee of Supply approved $141.5bn for the OPM.

This confirmation represents a significant investment in Guyana’s power generation, with the remaining parts of the budget being put towards enhancement in such areas as telecommunications, disaster preparedness, and government information and communications.

Once the power plant is completed it will double the country’s electricity-generating capabilities. The OPM forecasts that it will be able to reduce prices by 50% for customers.

Guyana’s gas-to-energy project is designed to enhance the infrastructure build-out needed for natural gas to be transported from an oilfield in the Stabroek block, situated around 100 miles offshore, to an integrated natural gas liquid plant and a 300MW combined cycle power plant.

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The Export-Import Bank of the US sanctioned a $526m loan to support the gas-to-energy project in Guyana at the end of 2024.

The initiative for Guyana aims to increase its electrical capacity so the country is no longer as reliant on oil and gas imports. Once completed, the government hopes power generation will trigger further expansion in other industries, most notably leading to an increase in manufacturing and other productive industries.