The Guyanese government plans to establish an oil and gas data repository later this year, aimed at consolidating all historical and current petroleum data in a centralized local facility. Currently, this data is stored in Houston, Texas, requiring companies to make special requests for access, which can hinder exploration efforts.
Natural Resources Minister Vickram Bharrat described the initiative as an ambitious project designed to promote job creation and generate revenue by keeping data within the country. “Many oil-producing countries don’t have a local data repository even after several years. We’re already working on ours after just four years,” he noted.
Bharrat emphasized that this initiative is not just about the financial investment in setting up the repository; it also involves creating local jobs and selling the data to companies interested in exploration. He highlighted the financial potential, explaining that during the last bidding round, companies paid a $2 million fee for data access. While Guyana received a portion of that revenue, maintaining the repository locally would be far more profitable.
“If we establish the repository in-country, we can capitalize on the demand for our data, as everyone wants information from the Guyana Basin,” said Minister Bharrat. A petroleum data repository is a centralized system for storing and managing data related to the exploration, production, and distribution of oil and gas. It will serve as a hub for various types of information, including seismic data, drilling records, and reservoir engineering details.
Additionally, the government has reviewed eight expressions of interest for conducting seismic surveys offshore and invited seven companies to submit proposals. They anticipate awarding a contract later this year after completing the evaluation process.
A 3D seismic study is crucial for oil and gas exploration, as it provides a three-dimensional view of what lies beneath the Earth’s surface, facilitating the identification of potential oil and gas reserves.
