Chances of finding oil in Guyana still high – Canadian diplomat

Outgoing Canadian High Commissioner David Devine said that a great deal of preparation must get underway with a matter of urgency if Guyana is to develop its oil and gas sector and in the event that the country finds oil.
Devine stated that although oil is yet to be found, there remains a huge potential for the discovery of the ‘black gold’. According to Devine, there is much of a gap to be filled; adding that once the preparation is undertaken, there will be multiple potential for a vast amount of businesses.

He stated that regardless of the size, businesses must adopt high standards of quality and general compliance.
“Not because you’re small, it means you cannot work to supply other large or medium-scale firms in the oil and gas sector, but you must be good at what you do and comply with the required standards,” the high commissioner said.
Devine advised that Guyanese businesses must think ahead of the curve, saying, “It will be difficult and complex, but it is not impossible. It will undoubtedly be a driver of business and general economic growth.”
He remarked that it may seem complex when considering the implications of such a dream and all the processes that must be put in place for its accomplishment. However, Devine said with vision and motivation, the country can achieve greater standards to iron out the process and create such an important and innovative sector.
Deliberating on the standards required, Devine pointed out that one of Canada’s largest offshore petroleum associations creates a supply and support sector just for oil and gas.
“The sector would not have flourished without this,” he said.
According to Devine, the oil and gas association has a wide cross-section of members, comprising both large and small businesses from caterers to carpenters and accountants, to architects in 160 different trades and sub-trades.
He related that there is someone in almost every profession that supplies directly or indirectly to the oil and gas industries in that province. He mentioned that these services which are provided, must be of a certain quality and standard.
Chances are high
Devine said despite the recent results from the drilling of the ‘Eagle One’ well, which came up empty, the chances of local oil and gas find are high. The Canadian diplomat believes that while there may be many challenges ahead, the country would have to be persistent in its work.
Referring to Canada’s experiences of oil exploration, Devine said the country had to drill some 42 wells before a discovery was made in what remains one of the richest oil and gas exploration areas in Canada. Devine’s optimism of Guyana’s high chances of a successful oil find is based on research.
He also underscored the importance of such a sector to Guyana’s economy, but said the resources gained from oil and gas should be managed properly. He, therefore, urged that the government and the private sector start planning ahead, taking into account the returns of investments it could gain.