Guyana to commence drilling for oil in Region 9 by year end

Aug 03, 2008 News

…hydro power plant still on cards — Jagdeo

Head of State, President Bharrat Jagdeo, yesterday told delegates at the People’s Progressive Party’s 29th Congress that Guyana will commence onshore drilling for oil in Rupununi by year’s end.

He told the gathering that the exploration for offshore oil will also recommence in the coming year.
In June 2001, Suriname gunboats evicted a Canadian oil exploration rig from a concession awarded by Guyana off the coast of Berbice.

In 2004, Guyana initiated arbitral proceedings, in accordance with Article 287 and Annex VII of the United Nations Convention on the Law of the Sea, in a bid to resolve the longstanding issue.

Guyana instituted the proceedings after bilateral talks between the two countries, coupled with intervention by CARICOM, failed to produce a mutually agreed settlement on joint exploration and exploitation of the disputed area.

The ruling was announced in Guyana’s favour, paving the way for the country to fully explore its offshore resources.

Geological survey states that the Guyana Basin could contain in excess of 15 billion barrels of oil, and the tension further escalated between the two Caricom neighbours.

Regarding the long-awaited hydropower facility, President Jagdeo noted that tenders were already out and he was hopeful that the response would be encouraging.

The President made the comments in the context that his party was aiming to ensure a vibrant economy in the future.

Fuel price on the world market is currently in excess of US$130 per barrel, and with Guyana being the largest per capita consumer of fuel in Latin America, it costs the economy 40 per cent of its US$1B Gross Domestic Product.

The Amaila project is expected to contribute significantly to the national electricity grid.
The proposed site for AFHP is located on the Kuribrong River, a tributary of the Potaro River.

It (AFHP) has its genesis in an initial study that was carried out between 1974 and 1976 to explore the hydroelectric potential in the country under a grant from the United Nations.

AFHP is originally scheduled to add some 100 megawatts of electricity to the national grid, and in time expand to 195 megawatts.

AFHP will be powered by the Amaila storage dam site, which would be located near the top of Amaila Falls, and would impound the waters of both the Kuribrong and Amaila Rivers.

Following a series of meetings with Government, an MOU was signed between the developers and Government on May23, 2006, outlining their agreement to proceed with the development of AFHP.

The schedule that was agreed upon had placed the start of construction of AFHP in August 2007, but, to date, there has been no financial closure, hence a standstill.

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Guyana to commence drilling for oil in Region 9 by year end

…hydro power plant still on cards — Jagdeo

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Guyana to commence drilling for oil in Region 9 by year end

…hydro power plant still on cards — Jagdeo

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