Guyana to publish contracts within energy sector

energy sector

The Guyana government has reiterated a promise to publish all contracts with petroleum companies as it dismissed recent criticism, published in the local media, of a contract signed with the US-based oil giant, ExxonMobil.

Committed to releasing all contracts

“We remain committed to releasing all contracts in the natural resources sector. I can say as well, letters have gone out to the petroleum companies…the responses received so far have been that there is no objection to the release,” Natural Resources Minister, Raphael Trotman said.

He told reporters that the release of the contracts with petroleum companies is part of the commitment to accountability and transparency in the oil and gas industry.

Trotman said his Ministry would begin publishing the contracts, which will be posted on its website, by the end of the month.

Last year, the government released the Production Sharing Agreement between itself and ExxonMobil and Trotman stung by recent media criticism said the concessions in the Production Sharing Agreement (PSA) follow industry best practices and norms.

Fifth new oil discovery

Last October, the US based oil giant announced it made a fifth new oil discovery after drilling the Turbot-1 well offshore Guyana, adding to previous discoveries at Liza, Payara, Snoek and Liza Deep.

Following completion of the Turbot-1 well, the Stena Carron drillship will move to the Ranger prospect — an additional well on the Turbot discovery is being planned for 2018.

“The results from this latest well further illustrate the tremendous potential we see from our exploration activities offshore Guyana,” said Steve Greenlee, president of ExxonMobil Exploration Company.

The government said it is in the process of creating legislation and policies to govern the oil and gas industry before oil production in 2020.

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