Guyana is preparing to re-commence off shore drilling for oil as President Bharrat Jagdeo and Esso Exploration and Production Guyana Ltd yesterday signed a supplement addendum to the existing Petroleum Prospecting Licence and Petroleum Agreement.
This agreement reaffirms the mutual commitment to the exploration for petroleum in the offshore of Guyana within the contract area named ‘Stabroek Block.’
Esso was first licensed in July 1999, following which they commenced their obligatory work programme of regional aeromagnetic and 2D seismic exploration in addition to other investigative processes.
The progress of this work programme was interrupted by the Guyana/Suriname maritime boundary dispute, which has since been resolved in Permanent Court of Arbitration in accordance with the United Nations Convention on the Laws of the Sea.
The key aspects to which supplement and addendum to the Petroleum Prospecting Licence and Petroleum Agreement speak of are the alignment of the contract area to conform to the Guyana/Suriname maritime boundary and the rescheduling of the license term during which the Esso work obligations will be expected to be undertaken.
Immediately, Esso is to acquire regional 2D seismic.
These surveys may be followed with 3D imaging methods that will include 3D seismic, all in an effort to identify possible targets for drilling.
The decision point for drilling will be made if any suitable targets are identified.
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