Guyana energy storage prices

How does Guyana generate electricity?

Guyana primarily relies on heavy fuel oil for electricity generation (Figure 9). The vertically integrated, state-owned company called Guyana Power and Light (GPL) controls almost all of the country’s electric power sector.

How much oil does Guyana have?

Guyana’s total energy consumption and inflation-adjusted GDP per capita, 2012–2022 Guyana had an estimated 11 billion barrels (b) of proved oil reserves as of January 2024. 16 The most significant offshore exploration program started in 2008 when ExxonMobil started collecting and analyzing seismic data, focusing on the Stabroek Block (Figure 4).

What is Esso Exploration & Production Guyana?

Esso Exploration and Production Guyana, an affiliate of ExxonMobil, operates the Liza 1 field and produces from a floating production, storage, and offloading (FPSO) vessel called the Liza Destiny. The vessel produces more than 120,000 b/d and has a storage capacity of 1.6 million barrels.

How much does sandstone cost in Guyana?

Thick channel sandstones form high-quality reservoirs in the middle, and poor reservoirs are found in the upper or lower parts because of intense compaction and cementation.19, 20 Guyana’s current break-even prices range from US $25/b to US $35/b, according to estimates from Hess, making it one of the most attractive projects globally.21

What is Guyana's economic growth outlook for 2023?

The oil and natural gas industry accounted for 56% of GDP growth, and the non-oil industries accounted for 6%.3 The International Monetary Fund forecasts continued double-digit GDP growth over its outlook period, between 2023 and 2028.4 Petroleum and other liquids account for 99.2% of Guyana’s energy production and 99.9% of its energy consumption.

Does Guyana produce coal?

• Guyana does not produce, consume, or import coal. Guyana's biofuels sector is still in its early stages of development and accounts for 0.02% of total energy production. According to a study by CEPAL, Guyana has high biofuel potential, especially from sugarcane, which is a source of significant economic output in the country.