The Bank of Montreal yesterday made a presentation to stakeholder ministers and members of the subcommittee on oil and gas on the likely financial impacts of the oil and gas industry.
According to a GINA press release, Minister of Natural Resources, Raphael Trotman, said that the Bank of Montreal had reached out to Guyana because, “Guyana’s find of oil is considered one of the best in the world right now.”
According to the release, this year, ExxonMobil’s Liza-2 offshore exploration found high propensity sandstone reservoirs that could produce more than 1.4 billion barrels of recoverable high quality oil. It is estimated that within the next five to seven years Guyana could begin producing this oil. According to Trotman, a number of initiatives will be unfolding. “Next month we’re going to be having a workshop on the financial part of it and so developments are taking place; we are working in finalising legislation and honing our efforts,” the release quoted the Minister as saying.
