Guyana Oil and Gas News

President of ExxonMobil Guyana, Alistair Routledge yesterday insisted that it has the financial capacity to meet its responsibilities in the unlikely event of an oil spill and says it is committed to paying all “legitimate” costs.

A consortium of local accounting and auditing firms has expressed concern that after submitting a bid to audit cost oil only one firm has been listed by the National Procurement and Tender Administration Board as having submitted a bid.

Former head of the Environmental Protection Agency (EPA), Dr Vincent Adams has called out the PPP/C government’s decision to halt the finalisation of an agreement guaranteeing full liability insurance coverage from ExxonMobil for the offshore Payara development project.

The Environmental Protection Agency (EPA) on Friday wrote to ExxonMobil’s consultant Environmental Resource Management (ERM) outlining a list of recommendations to be addressed before a final decision is made on the Yellowtail Development Project’s environmental permit.

Only one company has submitted a bid for consultancy services for cost recovery audit validation of the Government of Guyana’s profit oil share and it has tendered at over $340 million for the project.

Introduction Today’s column continues with a presentation of Envision Research’s modelling of ExxonMobil’s seeming turnaround away from the process of zombification, as I have explained this term.

Fresh from her recent visit to Guyana to attend Guyana’s high-profile international oil and gas conference, Barbados Prime Minister Mia Mottley earlier this week provided the media in Barbados with a fulsome briefing on her visit, asserting in her assessment of the visit that the discovery and subsequent recovery of oil offshore Guyana had now made the country a “global player” in the international oil & gas industry.

It is not particularly difficult to see why the costs associated with the processes of recovery and post-recovery movement and storage of crude oil is such an astronomically costly exercise.

Seemingly indifferent to the fast expanding global environmental lobby that targets pushing back the production of plastics, international oil companies are reportedly positioning themselves to invest a mammoth US$500 billion in new petrochemical plants to increase production of the commodity.

With the Environmental Protection Agency (EPA) yet to build capacity to independently monitor oil extraction activities offshore Guyana, the agency yesterday introduced its real-time monitoring platform to track operations onboard the Liza Destiny FPSO.

After a prolonged period of silence from the Environmental Protection Agency (EPA), the Sunday Stabroek has been able to confirm that no decision has been reached as yet on whether to grant an environmental permit for ExxonMobil’s Yellowtail development project.

Introduction As indicated last week, because of space constraints, this week’s column begins with my introduction of a Schedule that I could not have presented then.

Oil exploration within the Repsol-operated Kanuku Block, offshore Guyana, is set to continue with the spudding of the Beebei-Potaro well in May.

VENTANILLA, Peru, (Reuters) – An executive of Spain’s Repsol SA said today a large oil spill off the coast of Peru’s capital Lima affected an area of 106 square kilometers, the size of the French capital Paris or almost twice the size of Manhattan.

A joint venture involving Guysons has acquired 55 acres of land at Enmore for oilfield manufacturing facilities.

As both Guyana and Suriname continue to make significant oil discoveries, Surinamese President Chandrikapersad Santokhi said that the onus is on countries to ensure that they manage their oil and gas resources in a responsible manner.

A major international energy conference opened this morning at the Guyana Marriott Hotel with President Irfaan Ali and other leaders emphasizing sustainable exploitation of petroleum resources and the switch to green fuels.

ExxonMobil’s local subsidiary EEPGL is preparing for the drilling of some 12 wells in the offshore Canje Block and may be able to forge ahead as Guyana’s Environmental Protection Agency (EPA) says that the project does not require an Environmental Impact Assessment.

ExxonMobil today said it has started production at Guyana’s second offshore oil development on the Stabroek Block, Liza Phase 2, bringing total production capacity to more than 340,000 barrels per day in only seven years since the country’s   first oil find.

Auditing of cost oil, reviewing of oil and gas legislation, the establishment of the Local Content Secretariat, and preparation for the review of field development plans, are among the projects that have received allocations in the Ministry of Natural Resources’ budget.