Sep 25, 2023 News
Almost four years after first oil…
Kaieteur News – Almost four years after first oil, Guyana will now pursue independent monitoring of oil production. This was revealed by Vice President (VP) Bharrat Jagdeo at his weekly press conference last Thursday.
Responding to a question about the independent monitoring of Guyana’s oil exploration activities during the press conference at Freedom House on Thursday, Jagdeo said the Government will be moving to tender to find a suitable company to do the work.
“The next step is to go out to tender and request a proposal for a company to track production on a daily basis,” he said
Jagdeo had previously announced that government will construct a state-of-the-art operations center that will be fed information from the oil company to verify oil production data.
Back in August, the VP explained that the Government of Guyana (GoG), after establishing the regulatory framework for the country’s rapidly developing petroleum sector plans to access the data that Exxon via at its new headquarters at Ogle, East Coast Demerara (ECD) will be rolled out.
Jagdeo said that the government will to conduct remote monitoring to verify oil production data.
“We will get past the core reforms first…the PSA (Production Sharing Agreement), the Local Content Act, the auction, the Petroleum Activities Bill; when we have upgraded the architecture we will then move to operation (and) compliance issues,” Jagdeo had said.
The former Head of State was keen to note that the new PSA will strengthen the government’s ability to manage the industry, since it would force oil and gas companies to produce pertinent data. Likewise, the new oil law, that is expected to be passed by this month, will ensure petroleum companies submit timely data. According to the VP, this would give the regulators “a better real-time picture of the industry.”
He explained, “On issues relating to production verification, we said that Exxon is building an operational center as part of the head office. They are gonna have a fiber optic cable coming in, we may have to get an access to the fiber or in the short term we will probably use satellite technology to have an independent measuring of the flows and everything else.”
Jagdeo added that the use of this technology would verify the discharge of waters and oil flows, along with other relevant data related to production on the Floating Production Storage and Offloading (FPSO) vessels.
Back then, he admitted none the less that the government will need to build greater monitoring capabilities.
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