Guyana Where and What 2023-2024 for website_compressed

FORESTRY
Guyana’s flourishing forestry sector
covers over 18 million hectares, representing
18% of the global forested
area. Production is increasing due to
government efforts, the construction
boom and the launch of the $900M
Revolving Fund in 2023, providing affordable
and accessible financing for
loggers. Enhancements are ongoing
to Guyana’s Monitoring Reporting and
Verification System (MRVS) enabling
the ministry to report progress on SDG
15 (life on land) indicators for sustainable
land management, ecosystem
preservation, combating desertification,
and biodiversity conservation.
PETROLEUM
Offshore, Guyana’s petroleum sector is
experiencing unprecedented growth.
To date, 44 discoveries have been
made, 39 of these located in the highly
productive Stabroek Block. With
the forthcoming addition of Prosperity,
the third and largest vessel, daily
petroleum production is expected to
reach 600,000 barrels by 2024. These
discoveries have opened up new opportunities
for the country, with the
sector’s revenues aimed at diversifying
Guyana’s economy and accelerating
the well-being of its citizens. Simultaneously,
progress is being made
on the transformative Gas-to-Energy
project, set to supply 300MW of clean,
reliable, and affordable energy to the
grid by 2024. By piping natural gas
from the Liza One and Liza Two fields,
this project will support investments
in heavy manufacturing, agro-processing,
and other value-added activities
for local and international consumption.
As Guyana continues to harness its
natural resources, the Ministry of
Natural Resources supported by its
key agencies – the Guyana Geology
and Mines Commission, the Guyana
Gold Board and the Guyana Forestry
Commission – remains steadfast in its
commitment to promoting sustainable
extraction practices and striking
a balance between economic development
and environmental conservation.
Ongoing efforts focus on fostering
responsible extraction techniques,
protecting indigenous communities,
and conserving the unique biodiversity
found within Guyana’s rainforests.
MINISTRY OF NATURAL RESOURCES