Guyana remains optimistic of oil find – Persaud

TIMES INT'L

Government and internationally acclaimed oil companies have expressed optimism in Guyana becoming an economy that will be able to blossom in the oil and gas sector, despite not being able to make major headway in drilling activities thus far.  As such, Guyana is making preparations for the management of the sector when it comes into realisation.

Natural Resources and the Environment Minister Robert Persaud
Natural Resources and the Environment Minister Robert Persaud

This was highlighted by Natural Resources and the Environment Minister Robert Persaud, who was at the time outlining the possibilities of the emerging industry during a recent television programme “Under the Microscope” aired on TVG, Channel 28.
He noted that the Natural Resources and Environment Ministry is confident its oil search will be a success, pointing out that Guyana has great potential of becoming a viable oil sector.
Last year, there were two rigs drilling for oil, but one of them ceased operations due to pressure. However, the minister said “its preliminary findings were very encouraging and that is why they are eager to pursue drilling in an area nearby that particular block, and that is Repsol.”  CGX, he added, is also willing to pursue drilling activities although it did not get the results it wanted on the first try.
Persaud noted that the ministry has received numerous offers from companies which are interested in undertaking exploration activities in Guyana. “If you fly perhaps 100 miles out, you have seismic data collection activities taking place. You have ships out there that are actively engaged in working and one of the very large companies in the world,” he pointed out.
The search for oil is a tedious, uncertain exercise, he stated, but with the studies conducted that point to a budding oil and gas industry and companies investing millions of dollars, government is encouraged to play its part. Persaud outlined that this endeavour requires lengthy preparations, a business opportunity that is not developed overnight.

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