3 More oil explorers interested in Guyana ( add quotes)

Three international companies have expressed an interest in oil exploration in Guyana and according to the country’s minister of Natural resources Robert Persaud, the administration is in the process of closing the deal with one of those companies.

If the negotiations are successful, the three companies would join oil magnates CGX and Repsol who are already operating in the sector.”There continues to be tremendous interest in exploration and very soon we will be signing a new petroleum license with Anadarko, which is one of the leaders and has been very active in terms of what’s taking place on the west African Coast and what’s going on there ,there is also two other companies that and negotiating their petroleum negotiating licenses” Persaud said.

Persuad noted that this is a welcomed initiative for the industry

So far none of the companies currently exploring here have been able to strike any oil so far, however experts are estimating that the Guyana Basin has over 15 billion barrels of oil.

“Notwithstanding the fact that we did not get the type of results coming out of Eagle and as we await the outcome of Jaguar, there continues to me international interest in carrying out more exploration here in Guyana in terms of our offshore” he added.
Guyana is touted as the second most lucrative untapped oil reserve in the world.

The minister says that drilling will be done both on land and offshore.

stakeholders are optimistic that the black gold would be found sooner than later.