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.
GFS observes 67th anniversary with parade
Minister Benn and other officials taking the salute The Guyana Fire Service (GFS) hosted a parade in observance of its 67th Anniversary and of Fire Prevention Month 2024 on Saturday, October 12, and some 120 ranks drawn from fire stations across the country...
DDL announces entry of Savannah Milk into Barbados market
Guyana Consul General Geneva Tyndall; Go-Invest Officer Gavin Bovell; Managing Director of Grady Marketing, Roger Bannister; Special Envoy to Guyana and Suriname Althea Wiggins and Director of Commerce, Bertram Johnson The Demerara Distillers Limited (DDL) on Saturday...
PK businessman arrested with 2.1g of ganja
The marijuana that was found in the man’s possession Fifty-eight-year-old Robin Madison was arrested on Friday at the Port Kaituma Waterfront, North West District (NWD) with a small quantity of marijuana. The arrest followed a routine patrol by police ranks who...
Security firms pay over $200M in backdated contributions to NIS
Vice President Dr Bharrat Jagdeo The National Insurance Scheme (NIS) has collected over $200 million in backdated contributions for employees of security firms who fail to remit payments deducted from salaries to the agency. Back in June, Vice President Dr Bharrat...
UNICEF launches “Hear Me Out” mental health campaign in Guyana
First Lady Arya Ali, representatives from UNICEF, PAHO/WHO & MoH with students at the launch of the ‘Hear Me Out’ Campaign UNICEF Guyana, in collaboration with the First Lady of Guyana, Arya Ali, the Health Ministry and the Pan American Health Organisation/World...
Guyanese delegation showcases CALIPSEO data system in Tanzania
A Guyanese team showcased innovative data management tool for fishing industry at Tanzania forum Making a strong impression at the Blue Food Forum, a Guyanese delegation showcased its newly launched data management system, CALIPSEO in Dar es Salaam, Tanzania. This is...
Déjà vu as Golden Jags suffer second 3-1 loss at home
Guyana’s senior men’s national football team, the Golden Jaguars, have sunk deeper into the proverbial mire in Group A of League A in the CONCACAF Nations League, following another 3-1 defeat on home soil, this time at the hands of Guatemala. Head Coach Jamaal Shabazz...
2024 CAC Body Building & Fitness Championships: Guyanese athletes aiming to improve medal haul
Christina Ramsammy Guyanese athletes scheduled to appear at the 2024 Central American & Caribbean (CAC) Body Building & Finess Championships, slated to be staged right here at the National Cultural Centre, have all been expressing confidence of making this...
Sir Clive Lloyd appointed GCB Special Technocrat
Sir Clive Lloyd The Guyana Cricket Board (GCB) has announced the appointment of Sir Clive Hubert Lloyd as Special Technocrat to the GCB with immediate effect. Sir Clive’s appointment was successfully concluded after a high-level engagement with GCB President...
New Zealand keep up semi hopes with Sri Lanka win
NEW Zealand kept their pursuit of a Women’s T20 World Cup semi-final berth alive with victory over already-eliminated Sri Lanka in the heat of daytime Sharjah. Set a target of 116 to win, New Zealand comfortably chased it down in 17.3 overs but may rue not having the...
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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