Gov’t to finalise petroleum data repository agreement this year
Plans to establish an oil and gas data repository in Guyana are progressing, with the government set to finalise arrangements for its implementation in the second half of 2024.
According to the 2024 Mid-Year Report, the repository will enable Guyana to consolidate all historical and current petroleum data in a centralised local facility.
At present, Guyana’s data is stored in Houston, Texas. Companies seeking additional information related to Guyana’s oil prospects must make a special request to access this overseas facility.
During a recent press conference, Minister of Natural Resources Vickram Bharrat described the initiative as an ambitious project aimed at fostering job creation and revenue generation by keeping data within the country.
“Many countries producing oil don’t have a data repository in their own country after four or five years. After four years [of producing oil] we are already moving towards establishing our own data repository in the country,” he said.
Minister Bharrat further asserted, “It’s a very lucrative investment or assignment that we’re taking on because it’s not only spending money to set up the data repository. It is about getting our people to work there and to sell that data to companies that will come and seek to do exploration in Guyana. It’s worth a lot of money.”
He noted that in the previous bid round, companies were required to pay a US$2 million fee for data access. While acknowledging that Guyana received a portion of this revenue, he argued that holding the repository in-house would be significantly more profitable.
“If we can have it in-country, it means that we will make that kind of money when we sell our data because our data is in demand. Everybody wants the data from the Guyana Basin,” the natural resources minister further explained.
A petroleum data repository is a centralised storage and management system for data related to the exploration, production, and distribution of petroleum and natural gas. It serves as a hub for various types of petroleum-related information, including seismic data, drilling records and reservoir engineering data.
The Mid-Year report also disclosed that eight expressions of interest have been reviewed to conduct seismic surveys offshore Guyana.
Seven companies were invited to submit proposals to the government for consideration.
“An evaluation will be completed in the second half of this year, as well as the subsequent award of the contract,” the report stated.
A 3D seismic study is a key tool used in oil and gas exploration to create a three-dimensional image of what lies beneath the Earth’s surface. This makes it easier to pinpoint potential locations of oil and gas reserves.