For decades the Government of Guyana has been soliciting various investors to test and drill for crude oil within Guyana’s territorial border. Now, the Takutu Oil and Gas Inc., which will be drilling for oil in Guyana, has opened office in Georgetown.

Minister of Agriculture Robert Persaud and Office Manager Dilorece South of Takutu Oil & Gas Inc share a light moment.

Minister of Agriculture, Robert Persaud, who is performing duties of the Prime Minister, Office Manager of Takutu Oil & Gas Inc, Dilorece South, and other officials in the mining sector attended the opening ceremony for the entity at the company’s office, Peter Rose and Church Streets in the city.

Minister Persaud indicated that the possibility of finding oil in Karanambo, Takutu Basin exists since oil was discovered in its vicinity; but owing to difficulties, exploration ceased.

Sample of oil found in 1982 at Karanambo, Guyana.

Oil exploration will not affect Guyana’s low carbon path; in fact the Low Carbon Development Strategy provides for such activities, Minister Persaud noted. He added that Guyana is rich, with many resources, and the addition of the “black gold” will lead to increased economic growth.

The Takutu Oil and Gas Inc. was established by Groundstar Resources Ltd, a Canadian company, and is in partnership with Canacol Energy Ltd.

Currently, the company is certifying airstrips, water wells and mobilising other resources to commence drilling in May 2010 at Apoteri. Following the evaluation of the drilling and testing results, the entity will decide as to where the second well in the basin will be drilled, South noted. (GINA)