Guyana’s oil blocks, now that the basin has become de-risked, are way too large for us to get the best out of it. That is the view of Attorney at Law, Charles Ramson, who has a master’s in Oil and Gas Management.
He said that having such large oil blocks does not demonstrate prudent management of the resource itself.
Ramson said, “What happens as a result is that we are unable to monetize successfully and aggressively pursue an exploration and discovery progrmme.”
He explained, “In every contract there is a work programme that the licensee is required to undertake, but because the block is so large effectiveness is at risk. The obligation is to do seismic and to drill a hole after that seismic is done.
“But if the block is too large, companies are often unable to penetrate all of the area of that block because the more you do the more expensive it is and as a result, you are not getting the real value.”
Ramson said that when blocks are too large, companies end up not doing seismic for some sections. But, “if you dice the blocks and have more companies you are able to have more exploration, more seismic and in turn you get better geological information because the geology of an area can vary two miles down.”
Jul 05, 2020Executives and members of the Georgetown Softball Cricket League Incorporated (GSCL) express their grief at the sudden passing of a true cricket all-rounder Anil Persaud. At the time of his sudden...
The hot question at this moment is what type of attacks we will see on the Secretary-General (SG) of CARICOM, Mr. Irwin La... more
The government should not be selling any lands. It has long gone beyond being a caretaker administration and is merely in... more
By Sir Ronald Sanders There have been unhelpful and destructive attacks by leading members and zealous supporters of the... more
Freedom of speech is our core value at Kaieteur News. If the letter/e-mail you sent was not published, and you believe that its contents were not libellous, let us know, please contact us by phone or email.
Feel free to send us your comments and/or criticisms.
Contact: 624-6456; 225-8452; 225-8458; 225-8463; 225-8465; 225-8473 or 225-8491.
Or by Email: [email protected] / [email protected]