A WELCOME feature of ‘Guyana 2.0’, the vision of the People’s Progressive Party/ Civic (PPP/C) for the next five years is the focus on facilitating investments in the oil and gas sector.In the excerpt of the manifesto made public on Sunday, the party committed to: “The creation of jobs, increased income and greater wealth for our people will be driven by a balanced approach to ensure buoyant and sustained growth from both traditional economic sectors such as sustainable mining, forestry, sugar, rice and from new economic frontiers.”
The PPP/C committed to facilitating increased domestic and foreign direct investments in the area of oil and gas exploration and extraction, as well as in agro-processing and agro-business, environmental and climate services and tourism and hospitality.
“Such investments are made possible by a prudent and business-friendly macro-economic framework,” the document said, pointing to the eight consecutive years of economic growth and Guyana’s ability to withstand the crippling effects of the global financial crisis.
Additionally, President Donald Ramotar, in February, dropped the proverbial bombshell when he announced that Guyana is to soon join the ranks of the oil and gas producing countries.
“We cannot stand still,” he said. “We can never be content with what we have, because standing still is to be left behind in a rapidly changing world. We have no choice but to go ahead,” he said then.
EXXONMOBIL
Expectations of Guyana becoming a petroleum-producing nation are buoyed by the ongoing operations of ExxonMobil, which started last month.
The drill site is a deep water concession over 100 miles off the Guyana coast. Exxon will undertake the activity under its subsidiary, Esso Exploration and Production Guyana Limited (EEPGL).
The area comprising 26,806 sq. km is known as the Stabroek Block and EEPGL intends to drill 1750 meters in 200-3000 meters deep water, Country Manager of (EEPGL), Mr. Jeff Simon said in a prior interview.
He said that the company has mobilised a special drill rig which will be on site next month.
The rig in the form of a huge ship, the length of two football fields, is one hundred and fifty feet wide and will accommodate some 200 workers for the duration of the drill.
Simon disclosed that the company was investing US$200 million in the venture and was hoping for a very big prize in return.
EEPGL opened a permanent office in Guyana at 99 New Market Street, North Cummingsburg, Georgetown, last November.
The investment was welcomed by President Ramotar during the opening of the EEPGL local office. ExxonMobil is the world’s largest publicly traded international oil and gas company and has been in operation for the past 130 years. (Vanessa Narine)