Guyana's largest single oil find so far

Guyana's largest single oil find so far

Bert Wilkinson | 1/11/2018, 1:35 p.m., Amsterdam News, http://amsterdamnews.com/news/...gle-oil-find-so-far/

Guyana’s government on the weekend hailed the latest offshore oil and gas find as the largest to date and suggested ...

Guyana’s government on the weekend hailed the latest offshore oil and gas find as the largest to date and suggested that life in that country, which hosts the 15-nation Caribbean trade bloc’s secretariat, will certainly see a major transformation after the first barrel is pumped from the seabed in the first quarter of 2020.

Commenting on last week’s announcement from U.S. oil giant ExxonMobil about its six major offshore finds, the government appeared to be preparing the country in a statement for a massive change of fortunes, a spike in per capita income levels and a move up from a low middle-income country rating to one in the upper-middle category. The latest successful well is located approximately 180 miles off Guyana. Authorities have already established a citizenship ministry to cater to an anticipated influx of people cashing in on the oil boom in the coming years.

“This will spur a major change of fortunes in the country,” Finance Minister Winston Jordan said, noting that the country for the first four years will earn approximately $350 million per year, while Exxon and partners Hess Oil and Nexen of China are allowed to recover their investment from the sector. Thereafter, the government has said, the country will earn much larger amounts monthly once the consortium recovers its investment and moves to what experts call profit oil.

Jordan said that authorities are particularly keen on improving the infrastructure, pegging the construction of major highways to link the heavily populated coast with the sparsely occupied forested interior as one project that could start immediately once oil and cash begin to flow.

Approximately 90 percent of the population of approximately 750,000 lives on or near the coast. He also said that money from the country’s new oil and gas sector will help to complete the 350-mile jungle highway linking Guyana and Brazil in a few years. Britain is also providing grant aid for this project, long discussed by governments on both sides for decades. The road could open access for Brazil to the Caribbean and vice versa.

“Certainly some of the capital towns in the interior, which we recently identified, can be upgraded to cities almost immediately,” Jordan said. “We are keen on the one at Lethem on the border with Brazil in particular. It has good potential to be transformed into a city from a town.”

Exxon is the first company to find offshore oil in commercial quantities, proving that decades old predictions by the U.S. Geological Survey that the Guyana-Suriname Basin was among the largest untapped areas were correct.

Exxon’s announcement said that its Ranger 1 well in the Stabroek Block had contained “more than 230 feet of high-quality oil-bearing reservoir. This represents the sixth discovery in Guyana since 2015,” the company said, referencing its first successful well that was discovered in May 2015.

Natural Resources Minister Raphael Trotman said in a statement, “This is a most historic discovery for Guyana. It will allow for immense transformational development of our nation in the coming years. Despite much naysaying and attacks against this process, I am confident that Guyana is on the right path. The news of an additional find of this magnitude, particularly at the start of the new year, can be seen as a further blessing and underscores the richness and diversity of Guyana’s natural resources. Managed prudently, these resources will allow for an enormous transformational effect on the lives of every Guyanese in the years ahead.”

The Exxon announcement has led to a mad scramble by other global oil and gas players to either begin exploring in the bloc or to request concessions near Exxon’s. These companies include Repsol of Spain, Tullow Oil of Britain, Chevron of the U.S., Total of France and a slew of others. Authorities are also rushing to send dozens of young professionals to petroleum training schools overseas as Guyana prepares for 2020.

Original Post
Drugb posted:

DG ,Nerhu, riff, base et al, why yall packing yall bags to tek yuh share of oil? Or you guys planning fuh granger to tek all fuh heself?

Should oil develop in the area, perhaps Granger and his select group will be crying when they see the extremely small amount in their hands.

Demerara_Guy posted:
Drugb posted:

DG ,Nerhu, riff, base et al, why yall packing yall bags to tek yuh share of oil? Or you guys planning fuh granger to tek all fuh heself?

Should oil develop in the area, perhaps Granger and his select group will be crying when they see the extremely small amount in their hands.

With Guyana's small population there should be more than enough to go around. You think Granger will buy me a range rover if I tek over django's job of pnc news boy?

Drugb posted:

DG ,Nerhu, riff, base et al, why yall packing yall bags to tek yuh share of oil? Or you guys planning fuh granger to tek all fuh heself?

Exactly what s your issue with the oil development in Guyana? Frankly, I don’t care PPP or PNC, this is good for Guyana.  Will there be corruption, yes and it matters not PPP or PNC.   They both have their corruptible factions. Fact of the matter, everyone will participate when the wealth flows into the economy.  Alyuh just relax and stop badmouthing the whole nation. 

Will I go back, doubt it, my kids and life is here and Europe.  Guyana is great for visiting and I want to see them being better off!

Baseman posted:
Drugb posted:

DG ,Nerhu, riff, base et al, why yall packing yall bags to tek yuh share of oil? Or you guys planning fuh granger to tek all fuh heself?

Exactly what s your issue with the oil development in Guyana? Frankly, I don’t care PPP or PNC, this is good for Guyana.  Will there be corruption, yes and it matters not PPP or PNC.   They both have their corruptible factions.

Fact of the matter, everyone will participate when the wealth flows into the economy.  

Alyuh just relax and stop badmouthing the whole nation. 

Will I go back, doubt it, my kids and life is here and Europe.  Guyana is great for visiting and I want to see them being better off!

Specific to the highlighted part of your comments.

No, no and no ... not everyone will benefit.

Benefits will go to small select groups, similar to the other countries where Exxon has operations.

Another item ...

We all indeed will want to see oil development -- a new sector -- take hold for the benefits of Guyana; regardless of the political group in power.

Demerara_Guy posted:
Baseman posted:
Drugb posted:

DG ,Nerhu, riff, base et al, why yall packing yall bags to tek yuh share of oil? Or you guys planning fuh granger to tek all fuh heself?

Exactly what s your issue with the oil development in Guyana? Frankly, I don’t care PPP or PNC, this is good for Guyana.  Will there be corruption, yes and it matters not PPP or PNC.   They both have their corruptible factions.

Fact of the matter, everyone will participate when the wealth flows into the economy.  

Alyuh just relax and stop badmouthing the whole nation. 

Will I go back, doubt it, my kids and life is here and Europe.  Guyana is great for visiting and I want to see them being better off!

Specific to the highlighted part of your comments.

No, no and no ... not everyone will benefit.

Benefits will go to small select groups, similar to the other countries where Exxon has operations.

Another item ...

We all indeed will want to see oil development -- a new sector -- take hold for the benefits of Guyana; regardless of the political group in power.

With your record for predictions, I'll consider it a very safe bet that Guyana will do well with this investment...

Seems some of you guys just want the country to do bad because of who in power...like base said, I don't trust either party, but I glad they put fire on each other's tail

Demerara_Guy posted:
Baseman posted:
Drugb posted:

DG ,Nerhu, riff, base et al, why yall packing yall bags to tek yuh share of oil? Or you guys planning fuh granger to tek all fuh heself?

Exactly what s your issue with the oil development in Guyana? Frankly, I don’t care PPP or PNC, this is good for Guyana.  Will there be corruption, yes and it matters not PPP or PNC.   They both have their corruptible factions.

Fact of the matter, everyone will participate when the wealth flows into the economy.  

Alyuh just relax and stop badmouthing the whole nation. 

Will I go back, doubt it, my kids and life is here and Europe.  Guyana is great for visiting and I want to see them being better off!

Specific to the highlighted part of your comments.

No, no and no ... not everyone will benefit.

Benefits will go to small select groups, similar to the other countries where Exxon has operations.

Another item ...

We all indeed will want to see oil development -- a new sector -- take hold for the benefits of Guyana; regardless of the political group in power.

It will impact everyone.  Every society has its ills but everyone will benefit when the infrastructure is updated, cheap power available, better health care, schooling, etc.  it will impact everyone.   

Baseman posted:

It will impact everyone.  Every society has its ills but everyone will benefit when the infrastructure is updated, cheap power available, better health care, schooling, etc.  it will impact everyone.   

Not everyone.

So perhaps then until oil is produced, infrastructure, power, health care, schooling, etc., will not advance.

Billy Ram Balgobin posted:

Ralph said oil revenues of 7 billion dollars over 20 years will only expand the economy by 20%. 300 million per year?  The Verrazano Bridge brings that amount in tolls annually. Guyana still needs to manage its economy properly

Without oil, what would it be?

Like I said...Guyana don't have to make financial outlays...they just have to wise...

Being wise would be the biggest challenge

Baseman posted:
Drugb posted:

DG ,Nerhu, riff, base et al, why yall packing yall bags to tek yuh share of oil? Or you guys planning fuh granger to tek all fuh heself?

Exactly what s your issue with the oil development in Guyana? Frankly, I don’t care PPP or PNC, this is good for Guyana.  Will there be corruption, yes and it matters not PPP or PNC.   They both have their corruptible factions. Fact of the matter, everyone will participate when the wealth flows into the economy.  Alyuh just relax and stop badmouthing the whole nation. 

Will I go back, doubt it, my kids and life is here and Europe.  Guyana is great for visiting and I want to see them being better off!

You miss the point, how can we expats cash in? After all it is the land of our birth, we deserve a share. 

Drugb posted:
Baseman posted:
Drugb posted:

DG ,Nerhu, riff, base et al, why yall packing yall bags to tek yuh share of oil? Or you guys planning fuh granger to tek all fuh heself?

Exactly what s your issue with the oil development in Guyana? Frankly, I don’t care PPP or PNC, this is good for Guyana.  Will there be corruption, yes and it matters not PPP or PNC.   They both have their corruptible factions. Fact of the matter, everyone will participate when the wealth flows into the economy.  Alyuh just relax and stop badmouthing the whole nation. 

Will I go back, doubt it, my kids and life is here and Europe.  Guyana is great for visiting and I want to see them being better off!

You miss the point, how can we expats cash in? After all it is the land of our birth, we deserve a share. 

Barbara Atherly advised step 1, uplift your Guyana passport as it places you front of the line.  It all depends, like everything else, in which space you want to play.   

Billy Ram Balgobin posted:

Ralph said oil revenues of 7 billion dollars over 20 years will only expand the economy by 20%. 300 million per year?  The Verrazano Bridge brings that amount in tolls annually. Guyana still needs to manage its economy properly

I think he is missing the multiplier effects of the annual revenue stream compounded.  If the powers to be use the wealth to improve infrastructure and build out affordable energy, leverage on the economy will be great!

everyone has an opinion.  He say 300 mil pa, TK said the sign in bonus alone should have been 236 mil.  Who is correct?

but I do agree with him, it still needs careful management to ensure maximum benefit!

Demerara_Guy posted:
Baseman posted:

It will impact everyone.  Every society has its ills but everyone will benefit when the infrastructure is updated, cheap power available, better health care, schooling, etc.  it will impact everyone.   

Not everyone.

So perhaps then until oil is produced, infrastructure, power, health care, schooling, etc., will not advance.

Are you just being a talking head?

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