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Exxon’s 10th oil discovery makes contract with Guyana more disgusting – Chris Ram
By Kiana Wilburg
While some government officials are rejoicing over the 10th oil discovery by American oil giant, ExxonMobil, there are some concerned Guyanese who feel they have been plunged into a deeper state of worry for the nation’s future.
One such person is Chartered Accountant and anti-corruption advocate, Christopher Ram. During an interview with this newspaper last night, the columnist said that every time a discovery is announced, it emphasizes how absurd and irresponsible the signing of the June 2016 agreement was.
Chartered Accountant, Chris Ram
Ram said, “It also means that we become increasingly reliant, if not dependable on Esso Exploration and Production Guyana Limited and its two partners, Hess and Nexen, for our future economic development. Indeed, our future is practically in their hands now. It also demonstrates the absurdity of the massive number of blocks given to them, far in excess of what the Petroleum and Exploration Act envisaged and treated as the maximum normal number of blocks.”
The Chartered Accountant continued, “Now what is frightening is that while all of this is happening, Guyana is completely unprepared at the governmental level to deal with something of this magnitude. It is insane that 5 billion barrels of petroleum perhaps is now in the hands of a Department of Energy with a negligible number of staff and very little support facilities.”
The columnist added, “The Environmental Protection Agency (EPA), the Occupational Health and Safety (bodies), the Oil Spill Preparation Plan, the statutory framework, and the human resources, are all wholly inadequate and understaffed, even as there is an absence of regulatory legislation…At some point, we also have to say that even the President’s illness and unavailability has exacerbated an already bad situation.”
TENTH DISCOVERY
It was on Monday that Director of the Department of Energy, Dr. Mark Bynoe announced that ExxonMobil made its 10th discovery offshore Guyana at the Pluma-1 well.
This latest discovery has increased the estimated recoverable resource for the Stabroek Block to more than 5 billion oil-equivalent barrels.
“This is great news for Guyana…the country is on the cusp of transformational development for current and future generations and the news of ExxonMobil’s 10th discovery offshore Guyana is expected to facilitate the country’s realization of substantial social and economic improvements,” said an upbeat Dr. Bynoe.
“Guyana is well poised to truly forge ahead in the 21st century. As a petro-development state, we will; however, need to strategically invest in a people-centered and balanced manner, where we utilize our non-renewable resources for structural transformation and improving people’s lives in the short-term, while concomitantly providing the foundation to allow us to transition in the medium- and long-term to a post-carbon economy.
“The previous recoverable resource estimate on the Stabroek Block was more than 4 billion barrels. This discovery reinforces the potential of the country being able to produce more than 750,000 barrels of oil daily by 2025, and the potential for development in the southeast section of the Stabroek Block. The Stabroek Block is 26,800 square kilometres,” Dr. Bynoe added.
The Pluma-1, which is located some 17 miles (27 kilometres) south of the Turbot-1 well and follows previous discoveries on the Stabroek Block, encountered approximately 121 feet (37 metres) of high-quality, hydrocarbon-bearing sandstone. The well was safely drilled to 16,447 feet (5,013 metres) depth in 3,340 feet (1,018 metres) of water. The Noble Tom Madden drillship began drilling on November 1, 2018.
The Noble Tom Madden is expected to begin drilling the Tilapia-1 prospect located some 3.4 miles (5.5 kilometres) west of the Longtail-1 well. The Stena Carron drillship has recently completed operations at Hammerhead -1 and will soon drill its next well following scheduled maintenance.
ExxonMobil, and its affiliate Esso Exploration and Production Guyana Limited, is operator and holds 45 percent interest in the Stabroek Block. Hess Guyana Exploration Limited holds 30 percent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 percent interest.
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