NOVELTY - Method for producing a product comprising at least one hydrocarbon having more than two carbon atoms (C2+) and/or oxygenates from light gas comprising one or more of carbon dioxide, methane, ethane, propane, butane, pentane and methanol, comprises forming a dispersion of light gas in a liquid feed, where the dispersion is formed at least in part with high shear forces, and at least one of the liquid feed and the light gas is a hydrogen source.    USE - The method is useful for producing a product comprising at least one hydrocarbon containing more than two carbon atoms and/or oxygenates from light gas e.g. carbon dioxide, methane, ethane and propane. The method is useful to produce hydrocarbons for driving conventional combustion engines and industrial processing.    ADVANTAGE - The method provides: faster cycle times, increased throughput, reduced operating costs and/or reduced capital expense due to the possibility of designing smaller reactors, and/or operating the reactor at lower temperature and/or pressure and the possible reduction in catalyst; and economically favorable conditions of operating temperature, pressure and/or reaction time.    DETAILED DESCRIPTION - An INDEPENDENT CLAIM is included for a system for converting the light gas to a product containing the oxygenates and/or hydrocarbon comprising at least one high shear mixing device comprising at least one generator comprising a rotor and a stator separated by a shear gap, where the shear gap is the minimum distance between the rotor and the stator, and the high shear mixing device is capable of producing a tip speed of the rotor of greater than 22.9 m/second (4500 ft/minutes), and a pump configured for delivering a mixture comprising light gas and a liquid medium to the high shear mixing device.    DESCRIPTION OF DRAWING(S) - The figure shows a multiphase reaction system comprising external high shear dispersing.    High pressure pump (6)    Recycle gases (17)    Condenser (30)    High shear device (40)    High shear system. (100)