Oil and Gas companies remain buoyant about prospects in Guyana
The petroleum companies shared their operational experiences in Guyana and cross-cutting issues were identified which needed to be better addressed. In that regard, it was recognise that during 2013, there were three (3) major offshore 2D and 3D seismic acquisitions and these involved administration details with several agencies such as the Guyana Geology and Mines Commission, Environmental Protection Agency and the Guyana Revenue Authority. The volume of documents which had to be processed in an organised and timely manner was a challenge which was handled well under the circumstances by the involved agencies where full support was always evident. However, better systems are being examined to improve future operations.
Esso, Repsol and Anadarko were companies operating offshore which concluded geophysical in their respective prospecting areas. Nabi Oil and Gas Inc. concluded a small geochemistry survey over their coastal onshore block in the last quarter of 2013 and together such investments in exploration have been in the vicinity of US$ 50-million. CGX indicated that significant funding was being arranged for their own exploration programme over their prospecting areas and that they should in the near term be advising on their plans. All the companies present committed to keep their timelines and especially with regard to processing and interpreting their new data which has to inform on an anticipated next campaign of drilling speculated for as early as 2015.