Latest update December 16th, 2024 9:00 AM
Exxon Mobil relinquishes 20% of Canje oil block
Exxon Mobil has relinquished 20 percent of the Canje oil block which is in keeping with the provisions of the Production Sharing Agreement (PSA) it has with Guyana.
A map depicting the size and acreage of the Canje blocks
While confirming this with members of the press yesterday, Head of the Department of Energy, (DoE) Dr. Mark Bynoe said however that there is no hurry to reallocate the surrendered acreage. Dr. Bynoe said that the department is keen on having certain mechanisms in place before embarking on that phase
According to Dr. Bynoe, the DoE would like to see a revision to the laws first.
“We are not going back to the market with that provisions of the 1986 Act … That Act is fairly silent on mid and downstream activities. We need to make it a lot more robust in regards to decommissioning as well as how it fits the local content dimensions that we are elaborating on.”
Dr. Bynoe emphasized that those pieces need to be in place before the block is marketed again.
“We had indicated, previously, that the department is recruiting a firm to complete a 2D/3D multi client– seismic survey. That is in its later stages of completion. So that we are able to present a package from a position of knowledge.”
At present, Dr. Bynoe noted that the DoE is focused on the collection and processing of the data in relation to blocks before heading to the market phase.
He noted that the 2D/3D multi client seismic survey is likely to be completed in 11 months.
“There is a multiplicity of very sizeable blocks out there that still require exploration. So is there an absolute need for us to go for another marketing round right now? I would say no. [But] It is important for us to have improvements as we move forward,” Bynoe added.
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