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Oil exploration activities intensify
– surveys done in Stabroek, Canje Maritime blocks
Oil exploration efforts have intensified following the discovery of commercial quantities of oil in Guyana’s Maritime Zone. One company that has heightened its surveys is Esso Exploration and Production Guyana Ltd (EEPGL).
On February 18, the company commenced a meteorological and oceanographic survey within the Stabroek Block.
The site survey covers the areas of Section A: approximately 104 Nautical miles from the Coast of Guyana and spans an area of 12 square kilometres; Section B: approximately 116 Nautical miles from the coast of Guyana and covers an area of 12 square kilometres and Section C: approximately 134 Nautical miles from the coast of Guyana, encompassing an area of 12 square kilometres.
According to a Government statement, the exercise entails sub-surface moorings and is scheduled for completion during May 2018. Additionally, on March 9th, there will be a commencement of seismic surveys within the Canje block for a period of six months.
The assessment will be conducted using three vessels – Polarcus Adira, Groen 7-Oceans and Vroon Vos Athos. The site survey will be done approximately 105 Nautical miles from the coast of Guyana and covers an area of 7,760 square kilometres 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 ExxonMobil 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,” Minister Trotman indicated.
The Ministry of Natural Resources will be placing significant emphasis on capacity building during 2016; with the development of a framework for a Petroleum Agency and the conceptualisation of an institute in collaboration with the Education Ministry. International Development partners have signalled a willingness to train young Guyanese to assume responsibility to lead the petroleum industry in the decades ahead.
Anticipating the finances that will be garnered from the oil sector, a Sovereign Wealth Fund will be developed. 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.
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