Two petroleum exploration companies with blocks onshore have indicated that they would like to start drilling this year, says Petroleum Manager of the Guyana Geology and Mines Commission (GGMC) Newell Dennison.
The two companies are Groundstar Resources Limi-ted and Sadhna Petroleum. Groundstar has been operating a 9800 square kilometre Petroleum Prospecting Lic-ence in the Takutu basin of Guyana since July 2005. Sadhna, a Trinidadian exploration and drilling company which, with Groundstar signed agreements with the Government of Guyana in 2006 for the exploration for petroleum products and for the sharing of returns if the findings were in commercially viable quantities, has operations in the Mahaica/Mahaicony area.
Dennison told Stabroek News that Groundstar had commenced preparatory work for drilling at a site identified in the Takutu basin and this would involve clearing the site and putting in reinforcements at the site “in anticipation of drilling.” The Petroleum Manager’s statement follows Prime Minister Samuel Hinds’s remarks earlier this month that Groundstar had started prospecting in the Takutu basin and the company intended to drill two wells, one of which was likely to begin this year.
Meantime, Sadhna has said that it would like to commence drilling in the new year. “Sadhna has indicated that it will drill once the weather conditions improve,” Dennison stated. The Mahaica/Mahaicony area is currently in the midst of a heavy rainy season.
Dennison noted that between July and this month, there had been a lot of activity in the GGMC’s “petroleum scenario.” He said that Esso had very recently completed its 2D seismic survey in the company’s Stabroek block while Repsol YPF in partnership with CGX Energy Inc were currently engaged in acquiring 3D seismic data in YPF’s Georgetown block. He stated that it would be another two weeks before this was completed. The three companies have blocks offshore.
CGX, the Canadian-based oil and gas exploration company in October had commenced its 3D seismic programme on its 536 square kilometer, 100 per cent-held Corentyne Petroleum Prospecting Licence (PPL). The company had announced at the time that it was participating with YPF Guyana Ltd, a subsidiary of Repsol YPF, in a 1,650 square kilometre 3D programme on the adjoining Georgetown PPL, in which CGX holds a 25% interest.
The 3D marine-seismic programme was being undertaken by Fugro-GeoTeam using its seismic vessel R/V GeoPacific. Earlier this month, CGX announced that the shooting of the 3D seismic survey on its Corentyne PPL had been completed. In the Georgetown PPL the survey was expanded by 200 sq km to 1,850 sq km the company had announced in a press release, which added that the Georgetown survey had been shot in parallel with the Corentyne and was expected to be completed after the New Year. Dennison noted that regardless of whether drilling would be done, the data acquisition was necessary but at the end of the day, other factors would have to be taken into consideration such as risk and cost. He stated that this was part of the programme that was guiding the companies towards eventually making the decision as to whether they would drill or not. He said that it was lucky that the vessel happened to be in the area hence the process had commenced.
It was noted that following the acquisition of the data, it would have to be processed then interpreted and analyzed, and this was a process that could take months before any decision with regards to drilling could be made.
One hopes the Government has been sensible with the fine print of those contracts and the contracts are fair to the exploration companies and fair to the Guyanese people. In considerations of this, the waiting time is done. DRILL BABY, DRILL!!
And hopefully, by the time we produce something, there’s still someone left to buy it. For there is a good chance that oil could soon be rendered obsolete.
That said; GO GUYANA! Maybe Groundstar’s exploits would speed up that road project from the Takatu bridge to GT. Then the oil won’t even matter! Yo’ see how this works? Heh, heh, heh.
Its about time!!!
I work for the Oil and Gas industry internationally. I was in Venezuela a while ago visiting Repsol and they spoke to me about drilling projects in Guyana. I hope the Guyanese Government are employing expert Guyanese People with good knowledge of the oil and gas industry to work and protect the rights of the Guyanese people…who the majority of them don’t know about oil and Gas. We need our expertise to work in favour of our people and to see that the population bennifit from such projects….and that our people are not cheated out of what belongs to them. The Guyanese government has to be careful with these foreign investors.Other political and territorial conflicts are our neighbouring countries. I hope that these are in place and the people know of these also.
GUYANESE ARNT FOOLS WHAT THEY DO NOT KNOW THEY WILL LEARN, SINCE U R AN EXPERT MAY BE YOU WILL WANT TO HELP OUT, START A CONSULTANT SERVICE, HELP TRAIN SOME GUYANESE I THING THE GOVT WILL BE HAPPY TO HAVE ONE OF OUR OWN TO KEEP AWAKE FOR US.
Thanks Sharmila,looks like you know your stuff,please educate some bloggers here what the big oil companies did to Venezuela,that makes Chavez angry,maybe they don’t know about the Economic Hitmen or(E.H.M’s)and our big brother,the IMF.
OCTO, who said Guyanese are fools. You have anger issues also. You don’t read properly either.What is it that I am saying exactly… That the people need to know of their rights….but I hope they are being informed sooner than later. Thanks for the ivitation all the same to open up a consultant service. I’ll pass for now on that one…coz I am busy studying for another career and working. I have 17 years in the Oil and Gas industry. I know it inside out. I started in Venezuela, so RDMAN knows what I am talking about. If its really necessary and I see the astrocities done to my people that I see happening in other underdevelop nations who don’t have much Knowledge about when their resources as oil and gas are being exploited and they don’t get proper bennifits, then yes….by all means I can step in.
Re: “I work for the Oil and Gas industry internationally…” Go PMTC Gal! Make us proud.
i am really hoping that these deals come to fuition and that the guyanese people benefit from this deal.Oil is critical to guyana and this should see alot of changes happening in Guyana. apart for that drill drill drill drill and let there be hope for the future generation
I doubt that fossil fuels could become obsolete.
If it doesn’t, then we better have good mitigating plans for a human-friendly environment, cause the two won’t coexist – that much has been established.
Who knows what other fuel we can come up with once we get the will to move away from fossils. And if the new fuel turns out to be better all-round, then it’s bye bye fossil. Worth a shot, anyway.
I hope that GY does not become another Nigeria, Sudan, Libya, Argentina,Iraq …. Oil has not helped them much!!!! We need ADMINISTRATORS!!! We need LAWYERS, we need POLICY MAKERS with GUTS!!!
I have lost count about how many times they are drilling for oil in Guyana.In 30 years.Are they for real this time or just wasting more time?
I hope we do find oil, and that the benefits trickle down to the people of our land. i am worried that, even if it’s found, the rich will get richer, and the poor will get nothing. i hope this isn’t the case. I am keeping my fingers crossed.
This would be great for guyana,and it’s economy, let the drilling begin.
Drill girl drill! invite more companies and let them drill and the$$$$$$$$$$ will flow, that’s why so much of them wants to be President.