Jan 19, 2020 Letters Comments Off on Real-time monitoring of oil production in Guyana is imperative
The Prime Minister of Trinidad and Tobago, in supporting the
renegotiation of oil contracts, had noted the risk of resources slipping through his country’s fingers while its leaders “were sleeping at the wheel.”
Are Guyana’s leaders asleep at the wheel? If so, it is time for
Guyanese to wake up both Granger and Jagdeo.
Do we trust the oil companies with accurately reporting oil
production? Do we have the personnel and technology in place to effectively monitor production?
Guyana needs experts, not amateurs, to monitor its oil production.
Otherwise, it stands the risk of being fleeced of its oil wealth. If
the oil companies can under-report 50,000 barrels per day, it will result in a loss of more than US$150 M to our coffers each year.
Real-time monitoring of oil production is imperative. Saudi Arabia has put such a system in place to guard against oil companies corrupting
the ‘checkers’ and stealing their oil.
It will cost Guyana approximately US$8M to run a submarine cable from
the Floating Production Storage and Offloading(FPSO) vessel to
Georgetown to allow for off-shore and real-time monitoring of production. It will take between 6-9 months for this cable to be put in place.
Alternatively, Guyana can use satellite connectivity for as low
as US$100,000 per month to monitor immediately what is taking place in the Stabroek Block.
It is time our leaders wake up. Guyana will lose billions if they fall asleep at the wheel!
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