Latest update November 16th, 2024 1:00 AM
Latest News
- AFC’s leader, Hughes promises to prioritize country’s interest above Exxon’s as law firm remains on company’s payroll
- Norton not opposed to referendum on renegotiation of oil contract
- Israel ramps up attacks on Lebanon as officials study US ceasefire plan
- Broken sluice door causes flooding in five WCB communities
- Miner dies after pit caves in at Issano Backdam
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.
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
Where is the talent in the PPP?
…Peeping Tom Kaieteur News- The People’s Progressive Party (PPP) and its exuberant General Secretary, Bharrat... more
Rising Gun Crimes in the Caribbean: Urgent Action required by all
By Sir Ronald Sanders Kaieteur News – There is an alarming surge in gun-related violence, particularly among younger... more
Weekend Cartoon
