Exxon Mobil, in collaboration with its partners Nexen Energy and Hess Corporation, officially gave notice yesterday of its find of commercial quantities of oil in the area via a letter to the Minister of Natural Resources, Raphael Trotman at the Ministry’s boardroom, Brickdam.
GINA said that Trotman stated that the notification given by the oil company is one that is required by Section 31 of the Petroleum Act. The Minister said that it is the first time in Guyana’s 50-year history as an independent nation, that the section of the Act is being activated.
“This is a profound and watershed moment in the development of our country … so there is great humility and great responsibility that comes with the handing over and receiving of this letter,” Trotman said.
The year 2016, Trotman said, is the year of foundation building with 2017 being the year of implementation of earmarked plans and programmes. Trotman added that the Ministry will be rolling out a number of plans in a few weeks. Further, Trotman told the oil company that the government is looking forward to receiving its development plan.
Vice President of Exxon Mobil, Erik Oswald, along with representatives from Nexen Energy and Hess Corporation said that they are excited about the prospects of being able to produce the oil found in the Stabroek block.
“What you are seeing today, is the beginning of a very large effort which will unfold over the next few years as we finalise our plans, and implement them, trying to develop this field,” Oswald stated.
