Guyana wants to build a refinery capable of processing 30,000 barrels per day

Guyana, which has an estimated 10 billion barrels of oil reserves that it has begun to exploit, wants to build a modular refinery capable of processing 30,000 barrels per day (bpd) to cover national needs, President Mohamed Irfaan Ali announced Tuesday.

“We are looking at launching” a tender “for a 30,000-barrel refinery,” he said at a ceremony at the Guyana Investment Board (Go-Invest), a government agency used to guide investment in the small country of 800,000 people.

The refinery will be “modular” (simplified refinery that requires less investment than large refinery complexes), said Peter Ramsaroop, head of Go-Invest.

“You only have to look at what is happening in the world today – Ukraine, the war in Russia – to see how fuel prices have risen … the refinery is just another step in looking at our needs in the near future,” Ramsaroop opined. The refinery will be located in the east of the country, he said, adding that the government will ensure that the environmental impact is minimized. Guyana, more than 90% covered by virgin forest, aims to remain a carbon-negative or carbon-neutral country despite the discovery of oil.

Considered a new oil Eldorado, this South American country currently produces about 340,000 barrels per day, but is expected to triple its production by 2026.