EIGHT companies are in the running to conduct a 3D multi-client seismic study offshore Guyana’s Exclusive Economic Zone (EEZ), People’s Progressive Party (PPP) General Secretary and Guyana’s Vice-President Dr. Bharrat Jagdeo has said.
Dr. Jagdeo, during his weekly news conference at Freedom House on Thursday, told reporters that the government is in the process of prequalifying the bidders. Thereafter, the companies are expected to submit their respective proposals.
Last month, the Ministry of Natural Resources published a request for Expressions of Interest from “reputable and experienced” firms to conduct a 3D multi-client seismic survey.
“So, you know we have gone out for an expression of interest for 3D seismic study. We went out the last auction without any 3D seismic, so we didn’t have much data for the areas. So, when you have less data, people don’t put in great bids, because they don’t know what is there; they cannot interpret the data,” Dr. Jagdeo said.
The aim of the study is to acquire, process and interpret high-quality 3D seismic data to facilitate exploration and potential development of hydrocarbon resources offshore.
Dr. Jagdeo further explained that the study will ensure high-quality seismic data is available for effective evaluation during future bidding and licensing rounds.
Once completed, potential buyers/clients can access relevant data from the contracted firm.
“We don’t have to pay for it, because it is a very costly exercise, but they [the selected company] can then share the data with us, and they can sell it to the clients,” he said.
Seismic surveys are conducted by creating a shock wave, also known as a seismic wave, on the surface of the ground along a predetermined line, to map subsurface formations and anomalies.
According to the Ministry of Natural Resources, the firm that is eventually contracted will be required to acquire, process and interpret the 3D seismic data, with a view to paving the way for exploration and the development of oil-and-gas resources offshore.
The ministry noted that the firm must be an internationally recognised firm with prior experience successfully completing three similar assignments/contracts at least 12 years prior to the application submission deadline.
Back in 2023, the government closed its first offshore licensing round with six companies bidding on eight of the 14 blocks offshore.
While the government had affirmed that it would conduct an internal review of its available data to guide a decision on the second round, Dr. Jagdeo on Thursday noted that it is in no rush for a second auction, and will engage with its international advisers on market trends.
