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.
JSE Conference: Guyana offers stable, mature business environment – Finance Minister
…tells potential investors of state institutions strengthened to support rapidly growing economy Finance Minister Dr Ashni Singh Finance Minister Dr Ashni Singh has assured potential investors that Guyana is a stable and mature environment for business, and that the...
JSC advertises for Chief Magistrate, Commissioner of Title
The Judicial Service Commission (JSC) is inviting “suitably qualified persons” to apply for the positions of Chief Magistrate and Commissioner of Title. In a vacancy notice published in today’s edition of Guyana Times, it was noted that applicants for the Chief...
15 buildings destroyed by massive fire at Puruni
Two people are feared dead after a massive fire swept through Puruni Landing, a Mazaruni riverine community in Region Seven (Cuyuni-Mazaruni), and devastated the community by wiping out 15 buildings, among which were several business premises, hotels and residences....
ExxonMobil has no interest in renegotiating 2016 PSA – Routledge
…says any change would undermine basis for company’s investment EEPGL President, Alistair Routledge The parliamentary Opposition have been campaigning that they would review the Stabroek Block contract, but the United States-based ExxonMobil company has poured cold...
New GDF headquarters building to create functional workspace – Pres Ali
…highlights Govt’s commitment to developing military, personnel as 28 graduate SOC Commander-in-Chief of the Armed Force, President Dr Irfaan Ali, has underscored his government’s unwavering commitment to enhancing the Guyana Defence Force and its personnel and this,...
‘We take protection of the environment seriously’ – says ExxonMobil Guyana President
-reaffirms commitment to environmental protection amid concerns EXXONMOBIL Guyana President, Alistair Routledge has reaffirmed the company’s strong commitment to environmental protection, stating, “We take protection of the environment very seriously, and second...
Jade’s Wok, Pinnacle Business Services Inc support women in chess
– Best Beginner Trophy up for grabs GCF’s Marcia Lee receives sponsorship for the upcoming Women In Chess tournament The Guyana Women In Chess Community (GWICC), under the umbrella of the Guyana Chess Federation GCF), has organised the inaugural Queenside Rapid...
Morning Glory Inc re-certified ‘Made in Guyana’ standards programme
MORNING Glory Inc., a cereal manufacturer based in Anna Regina, Essequibo Coast, Region Two, has been re-certified by the Guyana National Bureau of Standards (GNBS) under its prestigious “Made in Guyana” Standards Mark programme. This certification allows the company...
Inaugural Bent Street “Champion of Champions” kicks off next Tuesday
The Bent Street “Champion of Champions” tournament will kick off next Tuesday Sixteen of the best futsal teams from across the country will next Tuesday begin a quest for a massive $1 million prize when the Inaugural Bent Street “Champion of Champions” futsal...
Fire destroys 15 buildings at Puruni Landing
A DEVASTATING fire swept through Puruni Landing, Mazaruni River, in Region Seven on Wednesday morning, completely destroying fifteen buildings and leaving two persons feared dead. The fire, which began around 10:40 hours, consumed several businesses and residential...
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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