GUYANA OIL AND GAS
Comprehensive list and details of major oil and gas discoveries in Guyana’s offshore blocks.
Exploration and Production
The exploration and production sector focuses on the discovery and extraction of oil and gas reserves in Guyana. Exploration involves activities such as seismic surveys, drilling of exploratory wells, and data analysis to identify potential oil and gas deposits. Once a discovery is made, production activities begin, including drilling production wells, installing offshore production facilities, and implementing extraction techniques to extract hydrocarbons from the reservoirs. This sector plays a crucial role in unlocking Guyana’s oil and gas potential and contributes significantly to the country’s economic growth.
Regulatory Framework
The regulatory framework sector encompasses the laws, regulations, and policies that govern the oil and gas industry in Guyana. This includes licensing and permitting processes for exploration and production activities, environmental regulations to ensure responsible operations, safety and operational standards, and oversight of the industry to promote fair competition and adherence to best practices. The regulatory framework aims to strike a balance between encouraging investment and ensuring sustainable development of the sector while safeguarding environmental and societal interests.
Environmental Impact
The environmental impact sector focuses on assessing and mitigating the ecological consequences of oil and gas operations in Guyana. It includes evaluating the effects of exploration, production, transportation, and refining activities on ecosystems, wildlife, water bodies, and air quality. This sector emphasizes the implementation of environmentally friendly practices, such as minimizing carbon emissions, adopting cleaner technologies, managing waste and spills, and supporting conservation efforts. Addressing environmental concerns is crucial for sustainable development and minimizing the industry’s impact on Guyana’s natural resources.
Socioeconomic Implications
The socioeconomic implications sector examines the broader societal and economic effects of Guyana’s oil and gas industry. It encompasses job creation and employment opportunities for local communities, skills development and training programs, revenue generation for the government through taxes and royalties, the impact on local businesses and industries, and the overall contribution to the country’s GDP. Additionally, this sector involves community engagement initiatives, corporate social responsibility programs, and efforts to ensure the equitable distribution of benefits to the population.
Technology and Innovation
The technology and innovation sector focuses on advancements, innovations, and emerging trends in the oil and gas industry. This includes the application of digital technologies, automation, artificial intelligence, and data analytics to enhance exploration and production efficiency, optimize operational processes, and improve safety. Additionally, this sector encompasses innovations in renewable energy integration, such as offshore wind or solar projects, that aim to diversify Guyana’s energy mix and promote sustainability in the long term.
Market and Investment
The market and investment sector analyzes the market dynamics and investment opportunities within Guyana’s oil and gas industry. This includes tracking global oil prices, analyzing market trends, and assessing the investment climate for international companies and investors. Additionally, this sector explores partnerships, joint ventures, and the involvement of multinational corporations in exploring and developing oil and gas reserves in Guyana. It provides valuable insights for stakeholders interested in participating in the sector’s growth.
The one-off cash grant of $200,000 will not benefit every Guyanese.
Dear Editor, I noted in the Kaieteur newspaper on Friday, October 11, 2024 that President Dr. Irfaan Ali announced that every household across Guyana will receive a one-off $200,000 cash grant this year. The Head of State said this as he made a special address to the...
Venezuelan biker killed in crash on Lamaha Street
Kaieteur News – A Venezuelan biker was killed and his female pillion rider seriously injured following a crash on Thursday night at the intersection of Lamaha and Camp Streets, Georgetown. Dead is Luis Natera, 21, of Lot 92, Second Street, Albertown....
Seven accused of kidnapping ‘Bricks’ on $500k bail
Kaieteur News – The seven men who were charged with the abduction of Joshua David, also known as ‘Bricks’ were granted $500,000 each when they appeared at the Georgetown Magistrates’ Court on Friday. The defendants: 24-year-old Aaron Alleyne known as ‘Cats’ of lot 9...
Iran’s Oil Exports: On a Slow Boat to Nowhere
Iran's crude oil exports have dramatically slowed in October as the country braces for possible retaliation following its October 1 missile attack on Israel. With Israeli strikes on Iranian oil facilities a topic of discussion, Iran's exports dropped to around 600,000...
Private Equity Firms Are Still Pumping Billions Into Fossil Fuels
Despite the growing pressure to stop funding fossil fuel companies and support decarbonization efforts, several private equity firms are still pumping billions of dollars into the oil and gas industry. Meanwhile, most of these firms are overstating their support for a...
Gas Crunch Looms as Demand Outpaces Supply Growth
Natural gas demand is set to increase more than previously expected, the International Energy Agency reported recently. Demand will remain strong next year as well, the agency predicted, warning that this might lead to a problematic situation with supply—because...
Retired judges sue govt for outstanding salary increases, other benefits
Last Updated on Friday, 11 October 2024, 19:12 by Denis Chabrol Retired High Court Judges, Brassington Reynolds and Franklin Holder have sued the Guyana government for failing to pay them a retroactive 8 percent salary increase on their annual rate of salary up to...
The New Oil? Rare Earths Spark Global Power Play
The rare earths market is experiencing a period of significant volatility, driven primarily by China's recent export restrictions. These restrictions, which came into effect on October 1, 2024, have already led to an 8.33% increase in the prices of many critical...
Twenty-eight persons displaced as a result of Puruni fire – GFS
Twenty-eight persons were displaced as a result of Wednesday’s fire at Puruni in Region Seven. The article Twenty-eight persons displaced as a result of Puruni fire – GFS appeared first on Stabroek News.
Market Prices
The article Market Prices appeared first on Stabroek News.
INITIAL EXPLORATION
initial Exploration:
The exploration for oil and gas in Guyana began in the 1950s, with companies conducting surveys and seismic studies in offshore areas.
However, it wasn’t until 1999 that significant discoveries were made by ExxonMobil (in partnership with Hess Corporation and CNOOC Nexen) in the Stabroek Block, located off the country’s coast.
Major Discoveries:
In 2015, ExxonMobil announced the Liza-1 well discovery, which was estimated to hold significant reserves of oil.
This discovery marked the beginning of a series of major oil finds in the Stabroek Block. Subsequent discoveries include Payara, Liza Phase 2, Liza Deep, Snoek, Turbot, Ranger, Pacora, Longtail, Hammerhead, Pluma, Tilapia, Haimara, Yellowtail, Tripletail, Mako, and Redtail.
Production Commencement:
In December 2019, Guyana officially began producing oil from the Liza Phase 1 development, marking a historic milestone for the country.
The production is carried out by ExxonMobil’s subsidiary, Esso Exploration and Production Guyana Limited, in partnership with Hess Corporation and CNOOC Nexen.
Growing Industry and Investments:
The discoveries in Guyana’s offshore basin have attracted significant attention from international oil and gas companies, leading to a surge in investments and exploration activities.
Several companies, including TotalEnergies, Tullow Oil, and Repsol, have acquired exploration licenses and begun drilling in various blocks across Guyana’s waters.
Socioeconomic Impact:
The development of the oil and gas sector has the potential to transform Guyana’s economy significantly. It is expected to bring in substantial revenues, job opportunities, and infrastructure development.
The government has established regulations, revenue-sharing agreements, and institutions to ensure transparency, environmental stewardship, and the sustainable management of resources.
Check this out
Day(s)
:
Hour(s)
:
Minute(s)
:
Second(s)
GUYANA
Guyana, a country on South America’s North Atlantic coast, is defined by its dense rainforest. English-speaking, with cricket and calypso music, it’s culturally connected to the Caribbean region. Its capital, Georgetown, is known for British colonial architecture, including tall, painted-timber St. George’s Anglican Cathedral. A large clock marks the facade of Stabroek Market, a source of local produce.
%