GOGEC hands out membership certificates to 33 corporate stakeholders
The Guyana Oil and Gas Energy Chamber on Thursday presented certificates of membership to several key stakeholders involved in its operations.
Attending the simple ceremony were several Government Ministers, members of the diplomatic corps and the Private Sector Commission, as well as representatives of ExxonMobil and other Private Sector organisations.
Certificates were presented to members by Natural Resources Minister Vickram Bharrat. Among that number were the Guyana Shore Base Incorporated, Republic Bank, Tiger Rentals (Guyana) Incorporated, Ramps Logistics Guyana Limited, and 28 other corporate organisations.
GOGEC President Manniram Prashad, in his address, stressed the need for such a Chamber, to be the advocate for increased local content in the oil and gas sector.
The objective is to achieve this through partnering with Government, Exxon and other tier one contractors, to have local business readiness to serve the industry.
The Chamber was set up in 2017 to ensure there was inclusive stakeholder input in the oil and gas sector.
US-based oil giant ExxonMobil has announced 18 oil discoveries offshore Guyana. The latest discovery was made at the Redtail-1 well and will add to the previously-announced estimated recoverable resource of more than eight billion oil-equivalent barrels in the Stabroek Block.
Redtail-1 had encountered approximately 70 metres (232 feet) of high-quality oil-bearing sandstone, and was drilled in 1878 metres (6164 feet) of water. The well is located approximately 2.5 kilometres 1.5 miles (1.5 miles) northwest of the Yellowtail discovery.
ExxonMobil continues to advance the Liza Phase 2 project, which is expected to start up in 2022 and produce up to 220,000 barrels per day. Construction activities are underway in Singapore on the Liza Unity Floating Production Storage and Offloading (FPSO) vessel. A third production vessel for the Payara development, with production capacity of 220,000 barrels a day, is on hold pending Government approval.
The Stabroek Block is 26,800 square kilometres (6.6 million acres). ExxonMobil affiliate Esso Exploration and Production Guyana Limited is the operator and holds 45 per cent interest in the Stabroek Block. Hess Guyana Exploration Ltd holds 30 per cent interest and CNOOC Petroleum Guyana Limited, a wholly-owned subsidiary of CNOOC Limited, holds 25 per cent interest.