Thu | Jun 4, 2020

Guyana to earn billions from oil and gas production

Published:Thursday | December 5, 2019 | 10:27 AM
Contributed photo

GEORGETOWN, Guyana, CMC – London-based global information provider, IHS Markit Limited, says Guyana’s consistent exploration success will be a plus even in a challenging oil price environment.

HIS, in an article on its website, said more discoveries outside of the Stabroek block were essential for the country, proving that its potential stretched way beyond one field.

“The Guyana basin is successfully positioning itself as one of the most exciting emerging, deep-water exploration basins around the world,” the company stated.

Since 2015, ExxonMobil and its partners have made 14 discoveries totalling more than six billion recoverable barrels of oil equivalent.

The Liza field, the first discovered by ExxonMobil, is expected to start producing by year-end.

More recent discoveries include those by Tullow Oil and its partners in the Orinduik block.

According to IHS Markit, these are expected to have a significant impact on the lives of Guyanese.

Minister of Natural Resources, Raphael Trotman, shared similar sentiments during a recent local radio interview.

Quoting an RYSTAD Energy report, Trotman said Guyana’s projection was exceptional.

“RYSTAD Energy has updated its projections of Guyana’s earnings of $120 billion … $120 billion, that’s the Guyana government take, and by Guyana government, the people of Guyana,” Trotman noted.

His comment was in response to a question about the Guyana/ ExxonMobil deal and how much the country stood to benefit.

“The maximum is 70 and the minimum is 45 and Guyana finds itself taking in 59 per cent,” the minister further explained.

Quoting RYSTAD again, he explained that even at a lower oil price, the country would still benefit.

We want to hear from you! Send us a message on WhatsApp at 1-876-499-0169, email us at editors@gleanerjm.com or onlinefeedback@gleanerjm.com