See below the full release from GOGEC:
The President of the Guyana Oil and Gas Energy Chamber, Mr. Manniram Prashad welcomes the Government of Guyana’s Budget 2026, which reinforces a clear national strategy: responsibly monetizing petroleum resources while investing decisively in energy transformation, industrial expansion, and long-term competitiveness.
Budget 2026 reflects strong policy continuity and a disciplined commitment to using oil and gas revenues as a platform for structural economic change, including energy security, lower production costs, and enhanced private sector growth.
Oil and Gas: Sustained Momentum with Strong Governance
The Chamber notes Government’s continued focus on strengthening the national oil and gas framework through robust regulation, improved technical capacity, and transparency, ensuring that the sector remains well governed and internationally credible. The Budget also highlights the country’s sustained production outlook and expanding development pipeline in the Stabroek Block, including continued progression of new FPSOs and regulatory review of additional projects that will increase national capacity over time.
This approach supports investor confidence while ensuring that petroleum wealth translates into long-term national value.
Gas-to-Energy: A Flagship National Competitiveness Project
The Chamber strongly welcomes Government’s continued prioritization of the Gas-to-Energy (GtE) Project at Wales, which remains one of the most transformative national infrastructure initiatives underway.
As outlined in the Budget, Phase I of the GtE project is expected to deliver a step-change in Guyana’s energy landscape—doubling electricity production and halving the cost of power, improving competitiveness and enabling industrial development.
Importantly, the Budget confirms that $10.7 billion is budgeted for the Gas-to-Energy project, with Government targeting completion of critical components—including the 300 MW gas-fired power plant, control Centre, NGL plant, and transmission lines—before end of 2026.
The Chamber views this as a pivotal step toward:
- lowering electricity tariffs across the economy,
- enabling manufacturing and agro-processing,
- strengthening national energy security, and
- positioning Guyana as a regional industrial and logistics hub.
Forward Expansion: Phase II and Broader Gas Infrastructure
The Chamber also notes Government’s forward-looking emphasis on Phase II of the Wales GtE development, including procurement progress and the plan for an additional 300 MW plant and expanded NGL capacity.
We further welcome Government’s intention to expand gas infrastructure beyond Wales, including work toward a second natural gas pipeline to Berbice, supporting broader national development and downstream opportunities.
Local Content: Deepening Guyanese Participation
Budget 2026 also reinforces Government’s commitment to expanding local participation in the oil and gas value chain. The Chamber acknowledges progress under the Local Content framework, including registration of over 1,200 Guyanese businesses and recorded procurement exceeding US$1 billion across prescribed sectors.
We particularly welcome efforts to improve efficiency and timelines in local content certification processes, which will support more predictable business planning and faster onboarding of Guyanese suppliers.
Energy Expansion and Grid Modernization
The Chamber also welcomes the broader energy strategy in Budget 2026, including investments in grid stability, renewable integration, and transmission upgrades. The Budget confirms that Government’s energy expansion agenda is focused on affordability, reliability, and diversification—key pillars of sustainable development.
Notably, the Budget provides for $66.2 billion for upgrading the national transmission and distribution network in 2026, supporting efficient delivery of GtE power across regions.
Conclusion
The Guyana Oil and Gas Energy Chamber commends the Government for presenting a Budget that is strategic, investment-oriented, and focused on long-term national competitiveness.
Budget 2026 strengthens Guyana’s position as a leading emerging energy economy—while ensuring that the oil and gas sector continues to support national transformation through infrastructure, industrial development, and sustainable economic expansion.
The Chamber stands ready to work alongside Government and industry stakeholders to support successful execution of the energy agenda, deepen local content outcomes, and advance Guyana’s development as a globally respected petroleum and energy jurisdiction.
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