THE signing yesterday of a petroleum agreement and petroleum prospecting licence between the Guyana Government and Repsol Exploracion to explore ‘the shelfal waters’ of Guyana’s Exclusive Economic Zone is the latest in a determined effort to find oil in Guyana.

Officials of the Spanish-based company that had in the past undertaken joint-venture drills with Tullow Oil of London-YPF and CGX of Canada met President Donald Ramotar for talks in the company of Finance Minister Dr. Ashni Singh and Minister of Natural Resources and the Environment Robert Persaud after the signing.
The potential within the vastly underexplored South American Atlantic offshore reservoir has, over the years, attracted reputable oil exploration companies with vast experience and strikes in other concessionary explorations.
A United States Geological Survey in an assessment of undiscovered conventional oil and gas resources of South America and the Caribbean, had found the basin to boast an oil resource potential of an estimated 13.6 billion barrels.
CGX, which had come up empty-handed in a previous operation, announced in February this year plans to cultivate another exploration with Pacific Rubiales, the largest independent oil company in Latin America.
With sustained interest in the potential for commercial petroleum discoveries in Guyana’s maritime areas, Anadarko, the largest independent oil and Gas Company in the United States of America and CGX Resources Inc., were the recent offshore licences awardees.
Minexco Petroleum, a private junior oil and gas exploration and production company operating independently on deep water blocs and through joint ventures in other locations is looking to join the oil search.
Investor interest in Guyana, from the exploration sector was estimated at around Cdn$2B.