Written by GINA
Thursday, 26 January 2012 22:48
meets ExxonMobil Exploration team
Guyana’s new President Donald Ramotar continues to keep abreast with developments in the hunt for oil offshore Guyana by reputable international petroleum exploration companies. President Donald Ramotar in discussion with officials of ExxonMobil Exploration, and Head of the Petroleum Division of the Guyana Geology and Mines Commission, Newell Dennison.
The Head of State on Wednesday met officials from ExxonMobil Exploration, who are in the country for their semi-annual meeting, and spared a few minutes for an audience with the President to discuss the progress of their operations.
The team included ExxonMobile Vice President of the US and Latin America Svein Utskot, Project Manager for South America Paul Brown, and Manager of Public and Government Affairs of Latin America Milton Chaves. They were accompanied by Head of the Petroleum Division of the Guyana Geology and Mines Commission Newell Dennison.
he company is pursuing the drilling project on a deepwater, offshore block through a joint venture with Shell, and has since shot a large seismic survey which is soon to be examined as a guide for the future.
Following the meeting, Utskot spoke briefly with the Government Information Agency (GINA), saying that the investment, if successful, will have an unimaginable impact on the Guyanese economy.
“I hate to speculate. We are in a risky business; not everything turns out good, but if we find something large, it will have a very positive impact,” Utskot said.
Over the course of a month, President Ramotar has been busy in talks with several investors to continue the momentum Guyana built over the years to become a major destination for investors.
He recently met with officials of Repsol, the international oil exploration company that is in pursuit of drilling of the Jaguar Well, through a joint venture with Tullow Oil, a London-based Company, CGX of Canada, and YPF.
Last September, the company was granted an extension to its operations deadline after a meeting with then President Bharrat Jagdeo.
Guyana is considered the second most attractive under-explored basin in the world, with a potential of 15.2 billion barrels of oil; and were a discovery to be made,the production target would be estimated at 50 million barrels per year.
