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Guyana energy security and national oil company planning

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2026-08-31 23:45 UTC → 2026-09-07 12:55 UTC · added ~~removed~~

President Irfaan Ali has outlined plans for a new national oil company in Guyana designed to bolster energy security and reduce dependence on imported refined products. The proposed entity will focus on domestic refining and expanded fuel storage rather than upstream offshore production or crude-oil investment. Despite its growing role as a major crude oil producer, Guyana remains largely dependent on imports for gasoline and diesel. To mitigate vulnerability to global price volatility and supply disruptions, the government is exploring storage capacities equivalent to 30 to 120 days of supply. The long-term strategy aims to create a holistic fuel supply ecosystem that could eventually allow Guyana to serve as a fuel supplier to the Caribbean Community (CARICOM) region. As the government moves forward, internal debates have emerged regarding the broader management of Guyana’s natural resources, including oil, gas, gold, diamonds, and arable land. Concerns have been raised about a lack of detailed data on resource quantity and quality, which could impact the ability to negotiate investment contracts with foreign entities. Additionally, there are calls to establish a state-owned sovereign wealth fund to manage non-renewable resource revenue for future generations. While the national oil company aims to secure the local supply chain, critics have questioned the economic specifics of the plan, specifically regarding financing, ownership, and the potential debt burden on taxpayers.

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