US oil company Andarko considering franchise operation here

Anadarko Petroleum Corporation, an independent oil and gas company in the USA is considering prospects of a franchise operation offshore Guyana.

President Bharrat Jagdeo, Head of the Petroleum Division of the Guyana Geology and Mines Commission Newell Dennison and officials of Anadarko met at State House on Thursday, a press release from GINA said. Vice President, Business Development of Anadarko, Ian J Cooling who led the delegation, later told GINA that the company’s interest in Guyana stemmed from its research on the country’s offshore area. “We like areas like what we are seeing, (and) the sort of potential we think is here. It’s (offshore area) pretty much under explored right now,” he said.

Anadarko, considered the world’s largest independent oil and gas exploration and production company, is currently conducting a geological assessment of the region and Cooling is confident of the prospects. “We look for frontier areas, we look for deep waters… we think the Government of Guyana needs to bring some people in that are technically capable and financially capable to do some work. We’re hoping we’re going to be selected to do that,” he added. While they are optimistic about their position, company officials have acknowledged that they have a long way to go, beginning with years of preparatory work.

According to GINA, the Guyana offshore area is considered the second most attractive under explored basin in the world with a potential of 15.2 billion barrels of oil. A discovery is expected to generate about 50 million barrels of oil per year, equivalent to 140,000 barrels per day. Jagdeo is of the view that discovery of oil will lead to an explosion of immediate and auxiliary services to the oil and gas industry but has given assurances that Guyana’s path along a low carbon course would not be compromised.

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