(DPI) Minister of Natural Resources, Hon. Vickram Bharrat has said the Government’s plans for the gas-to-shore project are advancing and the initiative would transform Guyana’s economic landscape.

Minister of Natural Resources, Hon. Vickram Bharrat has said the Government’s plans for the gas-to-shore project are advancing and the initiative would transform Guyana’s economic landscape.

The Administration has its eye on the transformative project, which it hopes to see completed by 2023.  The main objective is to transport sufficient gas from the petroleum operations on the Stabroek block to supply some 200-250 megawatts of energy to the national grid, leading to a significant reduction in electricity costs.

Minister Bharrat said the realisation of the project would see tremendous development for all, during an interview on Wednesday with US based broadcaster Mr. Farook Juman.

“We see that project as a way of cutting our power generation cost by 50 per cent. It means more money in their pocket; it means people can actually spend more,” he said.

The Government has already identified the former Wales Sugar Estate on the West Bank Demerara as the site for the establishment of the power generation plant and a petro- chemical industry that will utilise gas by-products.

Minister Bharrat said the advisory committee, headed by former NICIL CEO Mr. Winston Brassington, continues to meet weekly with ExxonMobil. The Committee reports to President Dr. Mohamed Irfaan Ali and Vice President, Dr. Bharrat Jagdeo.

“Our issue in Guyana is power generation and, that is why we have not been able to attract too much of investments in the manufacturing sector. The cost of power generation in Guyana is probably among the highest in the hemisphere. To address that problem, we decided that we will utilise that gas to generate electricity,” Minister Bharrat said.

The Government’s agenda also includes geotechnical, geophysical and the environmental studies to inform its plans and ensure safety.

President Ali, during an interview on this same programme, earlier this month, said the landing of the gas-to-shore pipeline in Region Three will lead to “big industrial development taking place there that is linked to not only power generation and a power plant… We’re looking at LPG (Liquefied Petroleum Gas) Plant.”

He said the investment on the shoreside of the Demerara River will create massive opportunities and a trickle-down effect.

“You will see development of agro-processing facilities. You will see greater use of the Essequibo River,” President Ali said.

A “desktop review” conducted last year on the feasibility of bringing gas-to-shore from the Liza 1 well in the Stabroek Block, found that the project could produce between 30-50 million cubic feet per day of natural gas. This is expected to supply nearly 70 per cent of Guyana’s current energy demand, thereby reducing the country’s dependence on imported fossil fuel.