Guyana is enthused at the expanded exploration activity by ExxonMobil in the offshore block where it found a large amount oil last year and new wells for drilling are to be defined imminently, according to Minister of Natural Resources Raphael Trotman.
Speaking at the three-day Trinidad and Tobago Energy Conference which ended yesterday, Trotman also revealed a series of new likely players in oil exploration including an Israeli interest and sounded a veiled warning over any attempt at corruption.
In his presentation which was released to the media, Trotman told the gathering in Port-of-Spain that following on its successful Liza #1 well in the Stabroek Block, Exxon Mobil is expected to commence imminently – by February or March 2016 – to define wells for drilling.
Last month, Trotman toured the ship, Fugro Americas which has been contracted by ExxonMobil for geophysical surveys of the offshore area. The 193 foot-long vessel is designed to conduct high resolution geophysical surveys and mappings of the sea floor.
Trotman also pointed to a host of other players interested in the petroleum sector. He cited long time players Repsol/Tullow in their Kanuku Block on the Atlantic shelf. Other licencees are: – CGX; Anadarko; new entrants Ratio, an Israeli interest; Mid Atlantic a partly local interest and Eco Atlantic/Tullow. The last named was on Thursday granted an oil exploration licence.
While there are many opportunities, Trotman said that the country however remained dangerously yoked to fossil fuels – 13,042 barrels per day. In line with its focus on green energy and development, Trotman postulated that in the future Guyana could be using more renewables and selling its oil.
“Infrastructure and viable energy options remain a challenge, and hopefully, with vision, planning and expected revenues, we can provide an energy mix that sees us using more renewables and selling the vast majority of our hydrocarbons”, Trotman told the conference.
He said that it is important to note that in Guyana’s recently submitted Intended Nationally Determined Contribution to the UN climate conference in France, the country committed to 100% renewables in the next decade.
Trotman pointed to the policies underpinning the planned transition to a green economy and said that Guyana expected that a forest protecting partnership with Norway will be extended.
Though not adverting to the collapse of the oil price to less than US$30 per barrel, Trotman said that Guyana remains optimistic in a measured way about oil exploration and he noted that these are long-term initiatives.
He highlighted to the conference, areas that provide exploration opportunities. He cited:
-The near coastal onshore extension of the Guyana Basin,1 which includes the Areas 1,2,3,5,6,7 , are ~14,100 sq. Km
-The offshore shelf up to water depths 200m that includes the, Oil Quest and Pomeroon blocks are ~ 27,800 sq. Km
-The deep water areas between 200m – 2000m in south and north and in contact with Stabroek block are ~ 10,000 sq. Km
-The ultra deep water areas offshore, in 2000m plus water depth and includes Area „C‟ are ~ 8,400 sq. Km
-The hinterland Takutu Basin is ~ 5,500 sq.Km
Saying that Guyana welcomes foreign involvement and investment in the economy, he said that the country recognises that Trinidad and Tobago is “best poised to guide and mentor Guyana as it develops its oil and gas industry, and of course, there are exponential benefits to be harvested in return. One word of caution to those wanting to enter our markets – recognise that the Ministry of Natural Resources is the most appropriate facilitator and provider of information and be wary of people promising you the world, and having the keys to open all doors.”
