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June 26, 2012
Guyana signs petroleum agreement with major US oil exploration company
Business Guyana

The Government of Guyana has signed an Agreement with Anadarko Guyana Company, a 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.

In a press release today, the Ministry of Natural Resources and Environment (NRE) said, “Given Guyana’s abundance of natural resources, the Company has 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.”

NRE said 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 at year-end 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,” NRE said.

“In addition, the Cabinet has approved a proposal by the Ministry of Natural Resources and the Environment to establish a Petroleum Advisory Board to overlook the Oil and Gas sector, while the Commonwealth Sector is reviewing Guyana’s regulations governing the petroleum sector to make it more investor friendly to ensure Guyana benefit from the opportunities of finding oil. 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,” NRE pointed out.

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