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Regional News

September 10, 2011
Largest private US oil company interested in Guyana
GINA (Government Information Agency)

GUYANA'S rich, under-explored offshore area continues to attract the attention of major oil and gas companies hoping to pursue exploration.

Anadarko Petroleum Corporation, an independent oil and gas company in the United States, which is considered the world's largest independent oil and gas exploration and production company, is the latest to be brainstorming the prospects of a franchise operation in Guyana's territory.

Head of the Petroleum Division of the Guyana Geology and Mines Commission (GGMC), Newell Dennison, Thursday, accompanied officials of Anadarko to a meeting with President Bharrat Jagdeo at his State House residence. Vice President, Business Development of Anadarko, Ian J. Cooling, who led the delegation, later told the Government Information Agency (GINA) that the company's interest in Guyana stemmed from its research on the country's offshore area

"We like areas like what we are seeing, (and) the sort of potential we think is here. It's (offshore area) pretty much under-explored right now," Cooling said in an invited comment.

Anadarko is at present conducting a geological assessment of the region and given what has been observed thus far, Cooling said it fits the environment in which the company has always shown interest.

"We look for frontier areas, we look for deep waters… we think the Government of Guyana needs to bring some people in that are technically capable and financially capable to do some work. We're hoping we're going to be selected to do that," Cooling said.

While their optimism is high, the company officials have acknowledged that they have a long way to go, beginning with years of preparatory work.

The Guyana offshore area is considered the second most attractive under-explored basin in the world, with a potential of 15.2 billion barrels of oil; and were a discovery to be made, targets would be estimated at 50 million barrels per year which would be equivalent to 140,000 barrels per day.

Last November, Tullow Oil, a London-based company, had announced to President Jagdeo its readiness to drill for oil by April this year in the Jaguar well, through a joint venture with REPSOL, a leading international oil exploration company out of Spain.

President Jagdeo is of the view that discovery of oil will lead to an explosion of immediate and auxiliary services to the oil and gas industry, but assured that Guyana's path along a low-carbon course would not be compromised.

In April, Prime Energy LLC- Caribbean, a United States-based petroleum company, proposed to construct the first ever oil refinery in Guyana, which officials say will create employment opportunities for approximately 100 persons. President of the company, Jerry Brooks, had explained that the interest to establish a refinery in Guyana was stimulated by the fact that several countries around the world are looking for 20,000 barrels a day refineries, given the high cost incurred to transport crude oil to the US for refining.

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