Latest update April 25th, 2024 12:59 AM
Jan 14, 2016 News
Officials from global energy company, Repsol, yesterday met with President David Granger, seeking permission to continue exploratory work in the Kanuku Block.
Minister of Natural Resources, Raphael Trotman also attended the meeting, which was held at the Ministry of the Presidency.
In a brief comment after the engagement, Repsol’s Latin America Exploration Director, Mikel Erquiaga explained that the company has been planning to drill a well, but this has been delayed as a result of several issues, including its legal battle with CGX Energy Incorporate.
The two companies had partnered in a 2012 drilling in the Georgetown Block. This matter was resolved in 2014.
Repsol needs an extension to complete the necessary preparatory work for drilling to begin.
“We want a short extension in order to continue working in the block and eventually drill a well,” Erquiaga said.
Repsol, which is based in Spain, is one of the first oil companies to discover evidence of oil in Guyana’s waters. It commenced drilling in 2012 at the Jaguar-1 well and discovered the presence of hydrocarbons. Since then, ExxonMobil has also drilled a well, discovering a significant deposit. That US-owned company is currently assessing the area to determine how it will move to commercial operations.
Jagdeo giving Exxon 102 cent to collect 2 cent.
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