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.
$51M spent to refurbish science lab, staff room at St Stanislaus College
– Pres. Ali says STEM education critical to boosting Guyana’s economy Kaieteur News – President, Dr. Mohamed Irfaan Ali emphasised the importance of Science, Technology, Engineering and Mathematics (STEM) education in advancing Guyana’s economic and industrial growth....
Fire destroys home of Line Path vendor
Kaieteur News – A 58-year-old vendor is at his wits end after his Line Path, Corentyne, Berbice home was destroyed by fire Monday afternoon. The fire, of unknown origin, reportedly broke out around 15:00hrs. The property was owned by Navindra Ramnarine. In an...
US$1.2M Fellowship Practical Instruction Centre commissioned
Kaieteur News – Minister of Education, Priya Manickchand and her team on Wednesday commissioned the newly rehabilitated US$1.2 million Fellowship Practical Instruction Centre which is located on the West Coast of Demerara (WCD). According to a release from the...
ERC says probing racist abuse of Ivor Thom
Kaieteur News – The Ethnic Relations Commission (ERC) is currently investigating the incident where renowned Guyanese sculptor and Administrator at the E.R. Burrowes School of Art, Mr. Ian Ivor Thom was racially abused by a member of the public. “Yes it is currently...
Exxon not budging on US$214M disputed costs
– but wants settlement outside of arbitration Kaieteur News – Oil giant ExxonMobil while not budging on their position with regards to the US$214M disputed costs wants the dispute to be settled outside of arbitration. This was disclosed by the company’s Country...
Transparency, accountability and investor education, key to driving healthy capital markets — JSE Managing Director
2nd Annual Regional Investments and Capital Markets Conference Kaieteur News – Transparency, accountability and investor education are among the keys to driving a vibrant and healthy capital investment market. Managing Director of Jamaica Stock Exchange (JSE), Dr....
De new cricket league!
Dem boys seh… Kaieteur News – Dem boys seh is like we big ones always dreaming big but forgetting de lil things, like ah man who buy a big fancy car but he ain’t got no garage to park it in. De govament seh dem bringing a new cricket tournament. Yeah, dem seh it gon...
Where the money coming from?
Kaieteur News – The upcoming Global Super League (GSL), set to be hosted in Guyana from November 26 to December 7, is poised to make a significant impact on the region’s sporting landscape. Spearheaded by President Irfaan Ali, this government-backed cricket...
Senior oil company employee accused of sexually assaulting 8-year-old girl
Kaieteur News – A 32-year-old senior employee attached to an oil company here is accused of sexually assaulting an eight-year-old girl between September 29 and October 4, 2024. The 25-year-old mother of the child revealed that she shared a relationship with the...
‘$28M contract to Region 8 engineer was never blocked’
– Works were completed, inspected in September by ministers – Mahipaul Kaieteur News – As the controversy surrounding a government engineering bidding and winning a contract in his home district of Region Eight continues to grow, Member of Parliament, Ganesh Mahipaul...
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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