Guyana features at Oil & Gas Economic Summit in London

─ Director of Energy Department attends the two-day forum

Source: OilNOW

DPI, Guyana, Tuesday, July 2, 2019

From the July 3-4, oil and gas operators, regulators, investors, prime contractors, and service companies, will come together for an Oil & Gas Economic Summit in London. The conference features Guyana, as one of the few major new conventional oil regions discovered this century.

According to information first published by the local oil and gas news site, OilNOW, Discovery of Guyana’s medium-light crude is said to be significant as it will fill a hole in the global crude oil market. It noted that the discovery has increased interest in oil from major stakeholders who have increasingly focused on gas and shale in recent years.

Director of the Department of Energy, Dr. Mark Bynoe

The summit, which is being facilitated by Chameleon Events, will serve as a platform to navigate new developing markets for the South American country, as well as to advance the establishment of Guyana’s oil and gas sector, and to strategise for how the country can best harness the economic benefits of an established oil and gas industry, the article stated.

On the second day of the summit, sessions will focus on Environmental Regulation and Energy Reform and Economics, while a separate session will focus on infrastructure and supply chain, respectively.

The final session of the conference will focus on Corporate Social Responsibility.

Director of the Department of Energy, Dr. Mark Bynoe, will be attending the summit, along with Jerome Kelly, Exploration Manager South America, Tullow Oil.

Tullow Oil is currently drilling the first wildcat outside the Stabroek Block.

The OilNOW article has also revealed that Guyana’s High Commissioner to the United Kingdom, Frederick Hamley Case, will deliver the feature address while those expected to attend are; British High Commissioner to Guyana, Greg Quinn, Economic Adviser, Natural Resources, Dr Daniel Wilde, Commonwealth Secretariat, Neil Passmore, the CEO of Hannam & Partners and Chairman of Abis Energy, Francis Kiernan, among others.

With estimated production costs of approximately $46 per barrel sitting well below current oil prices and predicted annual gross oil revenues of $13 billion by 2025, Guyana is also said to be proving increasingly competitive.

Image: Department of Public Information