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The risks of dry wells

Oct 23, 2023 Letters

Dear Editor,

Kaieteur News – Currently Guyana has been very lucky to have a high rate of successful oil well exploration and development. This rate is currently above the average for the oil industry. What the Ali administration is proposing by not ring-fencing is a very risky approach. Especially if there is an increase in the number of dry wells discovered off shore.

As time goes by, the number of wells drilled will increase and this will increase the risk of discovering dry wells. Exxon does not share equally in the risk, due to the cost recovery clause in the PSA. Without ring-fencing Guyana will lose in such a high risk scenario, which is a real possibility as the sector develops.

Is the country willing to risk guaranteed up front profits as exploration success reduces? We have already seen such a loss and the resulting impact on profits. CRG recommends taking the conservative approach and ring-fence the current and future projects. A bird in hand is worth more than two in the bush.

Best regards,
Mr. Jamil Changlee
Chairman
The Cooperative Republicans of Guyana

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