Guyana plans national oil company focused on refining and fuel security

President Irfaan Ali has clarified the framework for Guyana’s proposed national oil company, stating the entity would focus on domestic refining, fuel storage, and supply security rather than upstream crude-oil production or offshore investment.

Despite producing crude oil offshore, Guyana currently imports all of its refined gasoline and diesel. President Ali noted that this dependence leaves the nation vulnerable to global supply disruptions and price shocks. The proposed model aims to create a holistic ecosystem for fuel supply, centered on a domestic refinery and expanded storage capacity. The government is considering storage options equivalent to between 30 and 120 days of supply to better meet national development aspirations.

In the long term, the President indicated that establishing refining and storage capabilities could allow Guyana to serve as a fuel supplier to the wider Caribbean Community (CARICOM) region, positioning the country as an important player in the regional energy market.