Guyana’s oil blocks, now that the basin has become de-risked, are way too large for Guyana to get the best out of them. That is the view of Attorney-at-law, Charles Ramson, who has a Master’s Degree 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 programme.”
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.”
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