Latest update January 6th, 2025 4:00 AM
Guyana’s oil blocks are too large for our own good – Ramson
Guyana’s oil blocks, now that the basin has become de-risked, are way too large for us to get the best out of it. That is the view of Attorney at Law, Charles Ramson, who has a master’s in Oil and Gas Management.
He said that having such large oil blocks does not demonstrate prudent management of the resource itself.
Ramson said, “What happens as a result is that we are unable to monetize successfully and aggressively pursue an exploration and discovery progrmme.”
Attorney at Law, Charles Ramson
He explained, “In every contract there is a work programme that the licensee is required to undertake, but because the block is so large effectiveness is at risk. The obligation is to do seismic and to drill a hole after that seismic is done.
“But if the block is too large, companies are often unable to penetrate all of the area of that block because the more you do the more expensive it is and as a result, you are not getting the real value.”
Ramson said that when blocks are too large, companies end up not doing seismic for some sections. But, “if you dice the blocks and have more companies you are able to have more exploration, more seismic and in turn you get better geological information because the geology of an area can vary two miles down.”
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
Jagdeo is a liability to Irfaan Ali
Peeping Tom… Kaieteur News- Bharrat Jagdeo has long represented an unsettling paradox in Guyana’s politics. He... more
Forget Begging Rich Nations: Caribbean Countries Should Act to Save Themselves
By Sir Ronald Sanders Kaieteur News- It has long been evident that the world’s richest nations, especially those responsible... more
Weekend Cartoon
