‘We have double the amount of work’- PSC Chairman on Tullow Oil find
Monday’s announcement of yet another major oil find offshore Guyana should heighten preparations for this major sector, says Chairman of the Private Sector Commission (PSC) Gerry Gouveia.
“Our efforts to orient Guyanese with what is before us, we have the double the amount of work we are doing,” he told the News Room during an interview on Tuesday at Duke Lodge, Kingston, Georgetown.
Director of the Department of Energy, Dr. Mark Bynoe on Monday announced that UK-based company- Tullow Oil – has discovered oil in commercial quantities at the Jethro-1 exploration well, drilled in the Orinduik Block offshore Guyana.
Prior to that discovery, only ExxonMobil had discovered commercial quantity of oil at 13 Wells thus far. ExxonMobil estimates it will achieve gross production of over 750,000 barrels per day from the Stabroek Block by 2025.
The company also revised its estimate on its multiple oil discoveries, saying it can now recover six billion barrels.
“We have to orient our teachers on how to orient the children of what is before us because we certainly will need the right discipline, an educated population but particularly what is before us right now, in terms of our capacity,” Gouveia said.
He noted that local businesses also have to become compliant with international standards.
While some have raised concerns about Guyana being victim to the much talked about Dutch disease, Gouveia said the Sovereign Wealth Fund (SWF) will work to push investment in the right sectors.
Gouveia, who is also the Chief Executive Officer of Roraima Airways, lauded the establishment of SWF but said it needs to be operationalised. He also noted that the Local Content Policy needs to be in place to ensure sustainability of local development.
He said the Agriculture sector should not be neglected as the country moves to become an oil producing nation.
At this juncture, the PSC chairman is calling on political leaders to work together for the benefit of the country.
“It is more important than ever in the history of Guyana that our political leaders work together because if we keep being distracted by petty squabbles of what goes on in Guyana, people will come into Guyana and take advantage.
“While we are fighting each other, people will run away with the prize,” the PSC Chair added.
The Jethro-1 well was drilled by the Stena Forth drillship to a total depth of 4,400 metres in approximately 1,350 metres of water.
Dr. Bynoe said the Jethro-1 well is the first discovery on the Orinduik Block and it encountered 55m of net oil pay which supports a recoverable oil.
With this new find, Tullow will now evaluate the data from the Jethro-1 discovery and determine the appropriate appraisal activity.
The Carapa-1 well will be drilled later this year on the adjacent Kanuku licence.
Tullow Guyana B.V. operates the Orinduik block with a 60 per cent stake. Total E&P Guyana B.V. holds 25 per cent stake while the remaining 15 per cent is being held by Eco (Atlantic) Guyana Inc.