Guyana’s government hopes to tap into significant offshore natural gas resources to fuel onshore development and Israel’s Non-Resident Ambassador, Itai Bardov, believes his country is capable of helping Guyana develop these resources.
Since 2000, Israel has been continuously developing its offshore gas resources. Last year, the country increased production significantly.
And now, the country believes it can help Guyana develop offshore gas reserves- a venture the Ambassador said is both costly and risky.
“I’m very optimistic about natural gas development. We have the experience and knowledge,” Bardov said during an interview with the News Room on Thursday.
He later added, “We can cooperate and share our interests.”
Though Israel seems eager to partner with Guyana for its gas development, Israel’s participation in Guyana’s petroleum sector would not be new. In fact, there has already been some Israeli presence in Guyana’s nascent petroleum industry.
Ratio Guyana Limited, a company whose parent company is Israel-based, is a joint-venture partner of ExxonMobil subsidiary Esso Exploration and Production Guyana Limited (EEPGL) in Guyana’s offshore Kaieteur Block.
Meanwhile, the Israeli Ambassador backed Guyana’s existing gas development plans.
According to him, the Wales Gas-to-Energy project, which will harness natural gas to produce cheaper electricity, is an “incredible” plan.
He also said Guyana seems to be employing good policies in the management of its oil and gas resources. He singled out the establishment of a Natural Resource Fund, which saves Guyana’s oil revenues, as a good policy decision.