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Govt. inching nearshore for oil exploration – Bharrat
…says companies also interested in onshore petroleum activities
(Kaieteur News) – The Government of Guyana (GoG) will be turning its sight to nearshore areas for oil and gas exploration activities as the country becomes a hotspot for investors.
Minister of Natural Resources, Vickram Bharrat recently made the revelation in parliament during the consideration of 2026 budgetary estimates.
He said, “We have moved from the deep, we have awarded blocks in the shallow. We are looking at the nearshore blocks. There are a few nearshore blocks, the Berbice Block for example, the Mahaica Block, the Demerara Block, these are what we term as near shore blocks. They are not exactly onshore but they are very close, so those are some of the blocks under consideration right now.”
Minister of Natural Resources, Vickram Bharrat.
Meanwhile, the minister informed the National Assembly that a number of petroleum companies have expressed interest in onshore blocks for exploration activities. He said however, that no blocks will be awarded without first conducting consultations.
“Right now, I can say there’s no consideration of awarding any blocks onshore without consultation because as you would understand, that we would have to hold consultation for onshore blocks, especially the Takatu area which is the basically the wetland and there have been groups that have been advocating to have these areas set aside for conservation and different other reasons,” the minister explained.
Beyond successful exploration activities in the Stabroek Block, where over 11 billion barrels of oil have already been discovered, government has been pushing for petroleum finds in other areas.
In 2022, the administration launched its maiden bid-round where 14 blocks located in shallow and deep-water areas were auctioned. Eight of the blocks attracted bids with two licences and Production Sharing Agreements (PSAs) signed to date for shallow water areas.
Government hopes to close more deals with successful companies that participated in the recent bid round this year.
Guyana struck its first commercial oil discovery in May 2015 through American oil major, ExxonMobil. The company has since moved to production activities, with four Floating Production Storage and Offloading vessels (FPSOs) in operation just five years later.
The company often describes Guyana as its crown jewel, holding the world’s largest discoveries in the last decade, pushing Guyana to earn its title as the largest oil producer per capita globally.
In the meantime, Exxon continues to accelerate its exploration and appraisal activities in the block to further boost the recoverable resources.
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