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.
Guyanese consortium wins contract for 3rd cost oil audit
…as ExxonMobil Guyana says arbitration on 1st audit a “last resort” VHE Consulting – the Guyanese consortium that did the second cost oil audit on ExxonMobil Guyana spanning 2018 to 2020- has won the contract to conduct the third audit into the United States (US)...
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After being gutted by fire: $346.2M state-of-the-art North West Secondary School commissioned
…school customised to deliver special needs education President Dr Irfaan Ali on Monday inaugurated the newly re-constructed $346.2 million North West Secondary School in Region One (Barima-Waini), marking a significant milestone in the region’s education sector. The...
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New high-yielding GRDB-18 rice variety released for commercial cultivation
AGRICULTURE Minister Zulfikar Mustapha on Monday officially released the GRDB-18 rice variety for commercial cultivation at Nooten Zuil, East Coast Demerara. The new variety is set to be a game changer for the local rice sector, as it has the potential to produce...
Foreign Affairs Minister clarifies misinformation in Stabroek News report
The following is the full text of a statement from the Department of Public Information: “STABROEK News has issued yet another erroneous report and this time it pertains to a conversation between the Minister of Foreign Affairs and International Co-operation, the...
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TOTALTEC launches hospitality group, complex in Guyana
THE TOTALTEC Inc., a provider of integrated services to the energy and construction sectors, on Monday, announced the launch of CampBOSS Inc., its wholly-owned hospitality group. According to a press release from the company, CampBOSS is set to open its first...
Regional leaders advance discussions on defence diplomacy, disaster response, transnational threats–at CDMA XVI
PRIME Minister, Brigadier (Ret’d) Mark Phillips is heading a Guyanese delegation to the XVI Biennial Conference of Defence Ministers of the Americas (CDMA), which is being held in Mendoza, Argentina, from October 13-16, 2024. The delegation comprises Chief of Defence...
Ambassador Michael Brotherson has taken the NY consulate to greater heights
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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.
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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.
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