The Government of Guyana has signed an agreement with Anadarko Guyana Company, a wholly owned subsidiary of Anadarko Petroleum Corporation a US based company to undertake exploration in the deep waters of Guyana’s Exclusive Economic Zone (EEZ).
A press release from the Ministry of Natural Resources and the Environment (MNRE) said that the company sought to engage the Government of Guyana to conduct exploration activities in 2011 and had submitted technical proposals and held a series of discussions with senior government officials including President Donald Ramotar.
According to the press release, the discussions resulted in an agreement to commence studying available data for the concession acreage, which will be referred to as the ‘Roraima Block’ in greater detail with a view to identify leads that could result in prospects favourable for drilling to locate potential resources of petroleum.
Minister of Natural Resources and the Environment Robert Persaud this week presented copies of the signed agreement between the Government of Guyana and Anadarko to that company’s Exploration Manager for South America Andrew Mehlhop.
Also present were Brent Hardt, United States Ambassador to Guyana; Richard Lapin, Project Advisor, International Negotiations – Anadarko; Joslyn McKenzie, Permanent Secretary, MNRE; Joseph Singh, Chairman of GGMC; Karen Livan, Commissioner, GGMC; Newell Dennison, Manager, Petroleum Division, GGMC and other officials.
The release said that Anadarko is among the world’s largest independent oil and natural gas exploration and production companies with approximately 2.54 billion barrels of oil equivalent in proved reserves at the end of 2011.
“Further, the signing of the agreement comes at a time when drilling on several fronts have occurred, only recently a license was awarded to NABI Oil and Gas Inc to undertake drilling on the coast of Guyana…,” the release said.
The release said that in addition, the Cabinet has approved a proposal by the MNRE to establish a Petroleum Advisory Board to overlook the Oil and Gas sector.
It said too that the Commonwealth is reviewing Guyana’s regulations governing the petroleum sector to make them more investor friendly to ensure Guyana benefits from the opportunities of finding oil.
The release said that the government is also collaborating with a number of external partners including the US, Canada, Trinidad and Tobago to enhance its capabilities in the development of the oil and gas sectors.
The release said government will continue to work with all stakeholders to ensure necessary precautions and environmental safeguards are in place to develop a sustainable oil and gas industry.
