Latest update April 1st, 2025 5:37 PM
Govt. shortlists int’l companies for consultancy on Exxon’s deal
Gearing for the anticipated dawn of a new era, the Government of Guyana is looking to retain an international company for consultancy purposes during oil related negotiations with ExxonMobil.
Minister of Natural Resources
ExxonMobil is the only company to find oil in commercial quantities in Guyana. Minister of Natural Resources, Raphael Trotman recently told Kaieteur News that the oil giant recently submitted its development plan and application for a production licence.
The Minister said that he perused the developmental plan. Trotman said that the proposal seems to be a good deal for Guyana. However, the Minister admitted that his perusal was quite limited as he is no expert in that department. “I perused the document in my own limited way…It has technical things outside of my expertise,” said Trotman.
He said that Government has already shortlisted the “best international firms. The next move is to ask each of the companies to submit expressions of interest to provide consultancy services to advise the government in its decision making.
Trotman said that the shortlisted firms have done similar work in other parts of the world and those countries on whose behalf they lend expertise were given good deals. He said that the production license will only be given to ExxonMobil after Guyana receives advice and the development plan is approved.
“We have, so far, had no major issue with Exxon and once we are satisfied that the plan is in Guyana’s best interest we will then go ahead and have the licences approved.
Last year Exxon drilled another well which confirmed that Guyana’s oil reserve is even larger than believed. The new well—Liza Two—is said to be just as promising as the first.
The appraisal well was put down a short distance away from the first well that Exxon Mobil drilled—Liza One. The fact that another drill in such close proximity to Liza One has been found to be lucrative speaks to how wide the reserve actually is.
In 2015 Exxon made a deepwater Liza oil discovery in the Stabroek Block, located around 120 miles offshore Guyana.
Even with the initial find, experts said that Guyana will be placed prominently on the oil and gas map.
While oil prices are currently low, history shows that it always goes back up. Guyana would not begin pumping oil out of the ground until another few years. It is hoped that by that time oil prices will be up again. (Abena Rockcliffe-Campbell)
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