A Memorandum of Understanding (MoU) was signed on May 3rd between Excalibur Minerals LLC and Ithaca Energy Partners Inc (IEP), a Guyanese company for the setting up of a barium compounds manufacturing facility to aid the oil and gas industry.
The signing, which took place at the International Offshore Technology Conference (OTC) in Houston, Texas, will see Excalibur Minerals, a wholly owned subsidiary of Newpark Resources, coming to Guyana. A release from the Georgetown Chamber of Commerce and Industry (GCCI) said that the two firms will establish a joint venture which will see over US$20 million being invested in the establishment of a barium compounds manufacturing facility in Guyana.
It is also expected that the local facility will supply Guyana’s oil and gas industry with Barite. Linden Edmondson, CEO of IEP, noted that the joint venture would create employment, transfer barium manufacturing technology to Guyana, and provide training for several Guyanese.
Barium compounds are used by oil and gas industry to make drilling mud.
IEP is a member of the GCCI.
