Min. Bharrat hopeful for more oil finds outside of Stabroek block

Minister of Natural Resources, Vickram Bharrat MP said he is hopeful that ongoing oil exploration will yield significant commercial hydrocarbon discoveries outside of the Stabroek block.

Minister Bharrat was speaking at the launch of a training centre by the Guyana Oil and Gas Energy Chamber (GOGEC) in Georgetown on Thursday.

He said drilling is ongoing at the Kaieteur, Canje and Corentyne blocks. The Canje and Kaieteur blocks are operated by ExxonMobil’s local affiliate, Esso Exploration and Production Guyana Limited (EEPGL), while the Corentyne block is operated by CGX Energy Inc.

“So, we are also looking forward to those blocks going into production at some point in time soon in the future, because all of our focus has always been on the Stabroek block,” the Minister said.

Since 2015, much focus was placed on the 20 Stabroek block discoveries by its operator, EEPGL. While few discoveries have been made in other blocks, none has been significant enough that its operator decided to move to produce.

The Minister hopes that new discoveries made in other blocks, such as Corentyne, would influence investments and consequently development further along the Coast in Regions Five and Six.

He added that if there is oil related development in Berbice, companies there may also use the area as a good access point for the Suriname oil and gas market, which is also quickly developing.

“We want Guyana to be the hub for the Guiana shield. That is what we want to establish Guyana as. Brazil is a bit ahead of us because they would have advanced a little more than us but Suriname, we can certainly tap into the market in Suriname.”

Minister Bharrat said investments further along the Coast would start the process of making development more evenly distributed across the country.