Guyana signs petroleum pact with U.S. firm

TIMES INT'L
Natural Resources and Environment Minister Robert Persaud presenting copies of the signed agreement between the government of Guyana and Anadarko to the company’s South America Exploration Manager Andrew Mehlhop

The government of Guyana has signed an agreement with Anadarko Guyana Company, a wholly-owned subsidiary of Anadarko Petroleum Corporation (Anadarko), a United States of America-based company to undertake exploration in the deep waters of Guyana’s Exclusive Economic Zone.
Given Guyana’s abundance of natural resources, the company had 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.
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.
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.
Further, the signing of the agreement comes at a time when drilling on several fronts have occurred. Only recently, a licence was awarded to NABI Oil and Gas Inc to undertake drilling on the coast of Guyana.
In addition, Cabinet has approved a proposal from the Natural Resources and Environment Ministry to establish a Petroleum Advisory Board to overlook the oil and gas sector, while the Commonwealth Secretariat is reviewing Guyana’s regulations governing the petroleum sectors, to make it more investor-friendly to ensure Guyana benefits from the opportunities of finding oil.
The government is also collaborating with a number of external partners, including the U. S., Canada, and Trinidad and Tobago, to enhance its capabilities in the development of the oil and gas sectors.
The government of Guyana said it 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.

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