More oil finds present additional opportunities

Aug 12, 2021 News

…as Helicopter provider boasts of ‘nice cash flow’ from Guyana’s oil operations

One of the Bristow helicopters contracted by EEPGL to provide support services for its oil exploration and production activities offshore Guyana.

Kaieteur News – President and Chief Executive Officer (CEO) of the Bristow Group, Chris Bradshaw—the United Kingdom (UK) based company that has been contracted by ExxonMobil, Guyana, to provide its onshore and offshore helicopter support services, believes offshore drilling, particularly in the Guiana basin, “continues to be one of the bright spots for the global offshore oil and gas industry.”
In fact, the Trinidad, Guyana, Suriname region, where the company currently boasts a “leading position,” was acknowledged as a region that “is one that generates a nice cash flow return for the company.”
The company’s involvement in Guyana was raised during its recent ‘Results Conference Call’, held on August 5, last, with shareholders and company executives.
Bristow’s CEO, Bradshaw, when asked to provide an update on that aspect of the company’s operation said, “yes, happy to do that,” and pointed to “the reserves that have been discovered by Exxon, in particular, in Guyana are absolutely world-class and prolific.”
He noted too that Guyana still presents additional opportunities for the company, since not only “they continue to make prolific discoveries; there are now other oil and gas companies becoming involved there in Guyana.”
He noted too that in neighbouring Suriname, which is just across the border, that country “has very similar characteristics and similar success in early drilling programs there from Apache, Total, PETRONAS and others.”
He told shareholders the Suriname end of the Guiana basin, “really is looking a lot like Guyana, just a few years behind it in terms of the development of where they are in the life cycle there.”
He used the opportunity to observe too that “Trinidad is an area where Bristow has enjoyed a leading market position for the last 60 years, continues to be a fairly stable and active basin for us…So that Caribbean triangle region of Trinidad, Guyana, Suriname, where we have very much the leading position, is one that generates a nice cash flow return for the company.”
Reflecting on the company’s financial position, during the period under review, the Chief Financial Officer, Jenifer Whalen, reported that the Bristow group saw revenues increasing US$7 million, primarily due to higher utilisation in oil and gas and government services.” This, in addition to operating expenses being some US$4 million lower, “due to lower personnel and maintenance costs.”
The helicopter operator had in 2018, announced that it had renewed a multi-year contract to provide support services for the US oil major ExxonMobil’s operation in Guyana, with production commencing in 2019.
The service provider is currently servicing the offshore operations in the Stabroek and other oil Blocks offshore Guyana out of Eugene F. Correia International Airport.

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