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 household cash grant
Kaieteur News – The government’s recent announcement of a $200,000 cash grant for every household in Guyana is a gesture of economic relief that is as welcome as it is perilous. Well-meaning in its intent, the cash grant aims to provide a lifeline to the countless...
Opposition boycotts Parliament, holds protest
Kaieteur News – The Opposition on Thursday boycotted Thursday’s sitting of the National Assembly and held a protest outside the Arthur Chung Conference Centre, Liliendaal, Greater Georgetown as President Irfaan Ali delivered a three and a half-hour speech at the...
The “PPP Syndrome” infecting people
Kaieteur News – Dem boys seh some people out there got a new sickness—PPP Syndrome. It bad, real bad. Every time they hear the name “PPP,” their eyes start twitching, their voices get shaky, and they start babbling about conspiracies. Is like the mere thought of the...
Govt. seeking contractors to design and build new West Dem. Hospital
Kaieteur News – The Ministry of Health is seeking contractors to design and build the new West Demerara Hospital, Region Three. The ministry in an invitation for bids said that the bidding process will be conducted through the National Competitive Bidding procedure...
‘Appointment of Hicken hangs in balance’
…Jagdeo tells AG to check on passing of age requirement question Kaieteur News – President, Irfaan Ali’s desire to appoint Clifton Hicken as Commissioner of Police has hit a snag with his government now faced with legal questions as to whether this can be done, given...
Guyana on track to produce 1.5M barrels of oil daily by 2030 – President Ali
Kaieteur News – President Irfaan Ali in his second address to the National Assembly, since his inauguration on August 2, 2020, on Thursday announced that Guyana is on track to produce 1.5 million barrels of oil per day by 2030. The Head-of-State noted that a seventh...
Exxon may not be telling the truth about Guyana’s oil reserves – VP Jagdeo
By: Davina Bagot Kaieteur News – ExxonMobil Guyana may not be telling the truth about Guyana’s oil reserves. This conclusion was made by Vice President, Bharrat Jagdeo on Thursday during a media conference. The Vice President in an invited comment to Kaieteur News...
To appoint Hicken Top Cop would be unconstitutional
Dear Editor The ‘talk of the town’ is about the proposed confirmation of Clifton Hicken, the extended acting Commissioner of Police as Commissioner. Editor, please permit me to join in the conversation through this means. Let me try to put things in proper context....
Not “Free money”: Think economic development and equity.
Dear Editor The author of “Free Money … and mo’ money!” in the Guyana Times dated September 15, 2024, understands very little about the “Buxton Proposal”. It is not anti-capitalist, Marxist, or a ploy intended to win votes. The proposal is a genuine attempt to address...
The Govt. and the Global Super League
Dear Editor, I guess like me, many Guyanese were taken by surprise after an announcement by Mr. Irfaan Ali, during the just concluded CPL 2024 games held in Guyana; of the new T20 Global Super League to be launched in Guyana in November 2024, of which the Government...
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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