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Regional News

September 13, 2005
Petrobras Joins Guyana's Oil Quest


Chairman of the Guyana Geology & Mines Commissions Robeson Benn (at right) during a meeting with officials of Petrobras.

The Guyana Geology and Mines Commission (GGMC) yesterday held discussions with Petrobras of Brazil to further explore Guyana’s oil producing potential.

Following a state visit by Brazilian President Luiz Inacio Lula da Silva earlier this year, new interest has been awakened in Guyana’s hydrocarbon reserves.

Petrobras is a large-scale oil, gas and energy exploration company which operates in several countries including Mexico, West Africa, Iran and several states in South America. The company specializes in ultra-deep technological research and surveys and exploration, both on and offshore.

Commissioner of the GGMC Robeson Benn said the negotiations are at the preliminary stage and the main focus is on information gathering. “It can be a major investment which will serve to further strengthen investment ties between Brazil and Guyana,” he said.
Collectively, Petrobras currently produces more than 260,000 barrels of oil daily.
Petrobras Senior Engineer Lideniro Alegre said,” Brazil is rapidly increasing tis oil production scale and wants Guyana to be part of this.”

Benn noted the presence of Brazilian miners in the gold, diamond and mineral exploration sectors in Guyana. “They have contributed significantly in the areas of productivity and modernization of small and medium scale operations,” Benn said.

Two weeks ago UNI Arab Group Holdings, a Middle East based company, indicated its interest in acquiring a prospecting license to drill for oil in Guyana.

Arabian Ambassador George Hallaq said even though negotiations are in the preliminary stage, the company is optimistic about finding sufficient hydrocarbon reserves to make its operations viable.

It has been noted that the increased interest in Guyana as an oil exploration destination is very timely, especially in the wake of spiraling fuel prices on the international market.

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