Oil Exploration Activities Intensify In Guyana

Photo above: Minister of Natural Resources, Raphael Trotman.

GEORGETOWN, Guyana, Feb. 25, CMC – Oil exploration activities have intensified, following the discovery of commercial quantities of oil in Guyana’s Maritime Zone.

Last week, Esso Exploration and Production Guyana Ltd (EEPGL) commenced a meteorological and oceanographic survey within the Stabroek Block.

The exercise entails sub-surface moorings and is scheduled for completion during May 2018.

On March 9, EEPGL will commence seismic surveys within the Canje block for a period of six months.

The site survey will be done approximately 105 nautical miles from the coast of Guyana and covers an area of 7,760 square kilometers, bounded by specified coordinates.

Minister of Natural Resources, Raphael Trotman, recently informed the National Assembly, that there is growing interest in Guyana’s hydrocarbons, and as such, Exxon Mobil will undertake further exploratory drilling of the Liza well.

“The time has never been as propitious for petroleum exploration, as the low prices have led to a high availability, at good prices, of specialised skills, exploratory rigs and equipment, all of which make exploration very encouraging,” he said.

Trotman also revealed, that the Ministry will be placing significant emphasis on capacity building during this year, with the development of a framework for a petroleum agency and the conceptualisation of an institute, in collaboration with the Education Ministry.

In addition, international development partners have signaled a willingness to train young Guyanese to assume responsibility to lead the petroleum industry in the decades ahead.

Another spinoff for finances that will be garnered from the oil sector, will be the development of a Sovereign Wealth Fund – this will protect the economy from the volatile nature of mineral revenues, and help grow and modernise the sustainable non-extractive sectors of the economy.