Guyana and Suriname are projected to supply 12 million metric tonnes of liquefied natural gas (LNG) annually by the next decade, according to a report by Wood Mackenzie released on November 4, 2024.
The report highlights an anticipated surge in LNG demand as industries transition from coal to gas to reduce greenhouse gas emissions. The energy landscape in both nations has attracted significant investments from major companies, including Exxon Mobil and TotalEnergies, focusing on new exploration projects.
Suriname's offshore Block 52 and Guyana's offshore Haimara cluster are estimated to contain 13 trillion cubic feet of discovered non-associated gas. This type of gas is sourced from fields with minimal crude oil presence.
Wood Mackenzie analysts noted that the anticipated LNG could be produced at a breakeven cost of $6 per million British thermal units. The new projects are expected to address a projected global shortfall of 105 million metric tonnes of LNG by 2035.
Despite the promising outlook, uncertainties remain regarding the commercial structures and fiscal terms of the projects. Amanda Bandeira, a research analyst at Wood Mackenzie, commented on the growing dominance of U.S. and Qatari LNG in the market, while also noting a supply window emerging in the mid-2030s due to regulatory pauses in new U.S. LNG export approvals.