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FM
Former Member

Business community updated on oil find…Production could reach 200,000 barrels daily


– Jobs will be in hundreds, not thousands

Oil production in the ExxonMobil concessions offshore Guyana could see as much as 200,000 barrels of oil per day during full operations.
Updating the local business community on the oil find which is promising to change this country’s fortunes, the US-owned local subsidiary, Esso Exploration and Production Guyana Ltd (EEPGL), earlier this week briefed the members and executives of the Private Sector Commission (PSC) on the company’s exploration activities in Guyana and on the results and findings of its LIZA 2 appraisal well.
The oil company officials said that results of the Liza 2 well confirmed the preliminary findings of its predecessor, the Liza 1 well, which saw sufficient deposits of oil to develop and extract commercially.
“Recent data from the Liza 2 appraisal well and 3D seismic survey indicates that the discovery contains some 0.8 billion to 1.4 billion barrels of oil deposits.
EEPGL, according to the commission, estimates that production can be realized within five years and can be as much as 100,000 barrels per day from one Floating Production and Storage Offtake (FPSO) vessel. It is likely that two of these vessels could be in place when commercial activities kick off.
“EEPGL confirmed that the development of Guyana’s resource is feasible despite the levels of oil prices currently,” PSC disclosed.
Currently, oil is just below US$47 per barrel on the world market, after reaching more than US$100 more than a year ago. The prices have been raising fears around the world and especially for Guyana especially about when the US Company is likely to start production.
The PSC, during Tuesday’s meeting, urged for local businesses to benefit from demands of services and jobs that the oil activities will create.
According to EEPGL, the local benefits could be up to 95 percent.
“The Private Sector Commission emphasized the importance of local content (utilization of local resources) and was assured by the officials of EEPGL that the local content in their operations globally averages between 75% to 95%.”
However, it is unlikely thousands of jobs will be created from the oil activities, the exploration company warned.
“PSC said that it was also highlighted that due to the nature of the operations being offshore and the high levels of technology being utilized, the direct labour footprint overall will be within the hundreds rather than in the thousands.”
Chairman of the Private Sector Commission, Edward Boyer, noted that it is crucial that Guyanese businesses and the citizenry educate themselves in preparation for the changes which will occur in the economy when the country begins to receive significant revenues from oil.
PSC said that Guyana has to move quickly to establish mechanisms for the benefits that will come.
“It is important that the Sovereign Wealth Fund be established and managed professionally and that Guyana become a member of the Extractive Industries Transparency Initiative (EITI). These will facilitate the transparency in the allocation and use of revenues generated from the oil and gas sector,” PSC urged in the statement reporting on the meeting.
The commission also said it was encouraged by the assurances of Natural Resources Minister, Raphael Trotman, with whom they met earlier in the week also, that local content is a focus of the Government and that local content rules will be legislated.

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While it would bring development to Guyana, the presence/location of oil is not a new initiative.

There have been other searched with similar indications when issues were not as good between the US_of_A and Venezuela.

Situation now is the same as before, hence the major push for oil search and production in Guyana.

As soon as conditions normalize between US_of_A and Venezuela, efforts for the search of oil in Guyana, unfortunately, will gradually cease.

FM
Drugb posted:

it looks like this is the plan of the PNC to fall back on PPP oil initiative and don't worry about developing the nation through any other means. 

Its funny that it is now a PPP initiative?  People have been looking for oil in Guyana for a long time now. 

The PPP couldn't stand up to a fly.  Exploration was forced away from points north of Essequibo to points north of Berbice because Jagdeo was in love with Venezuela.

Venezuela snatched an exploration vessel when the PPP was  in power. When MadBURRO tried to do the same Granger got on the microphone and let the whole world know what that Spanish speaking bully was up to.

So how is it a PPP initiative?

FM
Last edited by Former Member
caribny posted:
Drugb posted:

it looks like this is the plan of the PNC to fall back on PPP oil initiative and don't worry about developing the nation through any other means. 

Its funny that it is now a PPP initiative?  People have been looking for oil in Guyana for a long time now. 

The PPP couldn't stand up to a fly.  Exploration was forced away from points north of Essequibo to points north of Berbice because Jagdeo was in love with Venezuela.

Venezuela snatched an exploration vessel when the PPP was  in power. When MadBURRO tried to do the same Granger got on the microphone and let the whole world know what that Spanish speaking bully was up to.

So how is it a PPP initiative?

The PPP brought in exxon dummy. Catch some sense for a change. Prove otherwise. Granger did nothing other than destroy the petrocarib deal with his unstateman albouystown attitude. Stop detracting from the fact that the PNC have not put forward one development idea since occupying office. I believe DG has a thread to track this, so far the count is zero. 

FM
Prashad posted:

Many Guyanese will be very disappointed when this oil does not produce the wealth that they had hoped 

I hope for the sake of the Guyanese people that it does produce wealth.

FM
ksazma posted:
Prashad posted:

Many Guyanese will be very disappointed when this oil does not produce the wealth that they had hoped 

I hope for the sake of the Guyanese people that it does produce wealth.

Wealth for whom?  The few govt officials in office? This will not trickle down to the ordinary man as there is no plans afoot to add value to the crude oil. It will be shipped directly to existing oil refineries overseas and only royalties to the govt will be the total sum of the benefits. 

FM
Drugb posted:
 

The PPP brought in exxon dummy.. 

And yet you and MadBURRO scream that the USA rigged the election against the PPP because of Exxon.  Why if Exxon was beholden to the PPP and only came to Guyana because of them.

In fact Exxon was scouting new potential oil fields in an era when prices were high and were all over the place. Some stupid little rice republic doesn't tell a major multi national what to do.

.

FM
Drugb posted:
s there is no plans afoot to add value to the crude oil. . 

You mean just like the PPP allowing the Chinese and Indians to export raw wood.

The sad part is that China and India come to Guyana to get raw wood that they cannot get in their own countries, as both nations now have placed restrictions on cutting down trees.

Yes the PPP sold out Guyana for a few cents (in the PPP pockets) to allow these nations to do value added OUTSIDE of Guyana.

Now suppose this value added was done in Linden, using that same cheap electricity that you all bawl about.  Imagine if the PPP wasn't so racist that they refused to encourage any development in Linden, instead preferring raw wood to be exported!

Guyana is perfectly capable of processing wood as this industry already exist, or used to.  But the PPP did NOT think to accept the Brazilian offer to build a proper harbor in Essequibo, so we cannot have oil value added in Guyana as we cannot move the finished product onto super tankers as we have no proper harbor.

FM

One thing about this caribj fella. He may be anti PPP as they come but he knows a thing or two about economics. He could have played an active role in the PNC as far as economics is considered but them men going to run him out when he shares his Burnham views.

Prashad
caribny posted:
Drugb posted:
s there is no plans afoot to add value to the crude oil. . 

You mean just like the PPP allowing the Chinese and Indians to export raw wood.

The sad part is that China and India come to Guyana to get raw wood that they cannot get in their own countries, as both nations now have placed restrictions on cutting down trees.

Yes the PPP sold out Guyana for a few cents (in the PPP pockets) to allow these nations to do value added OUTSIDE of Guyana.

Now suppose this value added was done in Linden, using that same cheap electricity that you all bawl about.  Imagine if the PPP wasn't so racist that they refused to encourage any development in Linden, instead preferring raw wood to be exported!

Guyana is perfectly capable of processing wood as this industry already exist, or used to.  But the PPP did NOT think to accept the Brazilian offer to build a proper harbor in Essequibo, so we cannot have oil value added in Guyana as we cannot move the finished product onto super tankers as we have no proper harbor.

Don't be daft man, you keep bringing up PPP, who cares, they are not in power and Brazil has been known to promise many thing but only managed to deliver 1 small bridge after many years.  The question again, you PNC apologist, what is Jackass Granger's plan to add value to oil so that the common Guyanese will benefit?  Zero, as these new breed of crooks in office have little imagination. When we were asking what their plans were to grow Guyana, you folks said that it was secret and didn't want to give away ideas to the PPP. Now you are in power, we see that there is a straw man behind the curtain. 

FM
Prashad posted:

He could have played an active role in the PNC as far as economics is considered but them men going to run him out when he shares his Burnham views.

Yes tell your buddy druggie that I am not the Burnhamist that he screams that I am.  Ironically druggie's family used to bankroll Burnham.

FM
Drugb posted:
and Brazil has been known to promise many thing but only managed to deliver 1 small bridge after many years.  The

When Brazil had money Bolivia, Paraguay and other countries benefitted from investment from that source.

Your corrupt Jagdeo rejected them because they refused to give him a piece.  So now we have no harbor and no road into the interior.  Imagine if he had all of that how much further Guyana would have been.

Instead we have the legacy of the PPP allowing Chinese to export tree trunks, with the leaves still on.  All that Guyanese did was to cut down the tree.  Nothing more.

FM
caribny posted:
Drugb posted:
and Brazil has been known to promise many thing but only managed to deliver 1 small bridge after many years.  The

When Brazil had money Bolivia, Paraguay and other countries benefitted from investment from that source.

Your corrupt Jagdeo rejected them because they refused to give him a piece.  So now we have no harbor and no road into the interior.  Imagine if he had all of that how much further Guyana would have been.

Instead we have the legacy of the PPP allowing Chinese to export tree trunks, with the leaves still on.  All that Guyanese did was to cut down the tree.  Nothing more.

I am not aware that Jagdeo blocked Brazil from building a deep harbor port or road through the interior. These are lies that you perpetuate. 

FM
caribny posted:
Drugb posted:

it looks like this is the plan of the PNC to fall back on PPP oil initiative and don't worry about developing the nation through any other means. 

Its funny that it is now a PPP initiative?  People have been looking for oil in Guyana for a long time now. 

The PPP couldn't stand up to a fly.  Exploration was forced away from points north of Essequibo to points north of Berbice because Jagdeo was in love with Venezuela.

Venezuela snatched an exploration vessel when the PPP was  in power. When MadBURRO tried to do the same Granger got on the microphone and let the whole world know what that Spanish speaking bully was up to.

So how is it a PPP initiative?

Well, the one that did not find oil you say is all PPP, the one the found, you say it's a miracle of god at best!

Yes, tensions remained with Venez under the PPP, so the PPP was not in Maduro's pocket as you people claim.  The seizure of the drill by Venez was an internal struggle in Venez and likely would have happened under the PNC.  What would you have done, send in the Guyana navy to re-possess the well?

And regardless of the US, I believe Venez will create problems regarding the oil, PPP or PNC, it does not matter who in charge.  The USA cannot just attack Venez unless they invade, but that is not likely.  Venez will go the legal way, and remember, the US backed the Venezuela's legal position for 100 years!

FM
Drugb posted:
 

I am not aware that Jagdeo blocked Brazil from building a deep harbor port or road through the interior. These are lies that you perpetuate. 

No surprise that you aren't away of this, given that your drug addled brain leaves you confused most of the time.

Brazil offered to build a road and a deep water harbor, in order to develop its Roraima state.  Jagdeo dilly dallied so nothing happened.

In fact that Takutu bridge only exists because Brazil got tired of waiting on Guyana and completed it on its own.  Lethem has benefitted tremendously from this.  Lethem is now an APNU AFC town, based on the LGE, but then I guess you aren't aware of that either.

FM
ba$eman posted:
 

 

Yes, tensions remained with Venez under the PPP, so the PPP was not in Maduro's pocket as you people claim.  !

Oh yes we all remember you and the PPP squad screaming that Maduro should invade and get rid of "blackman".

It must be a coincidence that Jagdeo and Maduro used the same language to describe Granger's victory.  That Granger was an illegitimate leader put in place by the Americans.  

In fact the PPP was willing to relinquish Guyana's sovereignty in exchange for Maduro returning them to power.  It took them a long time before they began to support Granger's efforts to ensure that Guyana's rights to its territory be universally accepted.  And I think they only grudgingly did so as it had begun to look really bad.

FM

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