The consortium led by the Dominican Republic has up to six months to begin exploration activities on Guyana’s Berbice Block, according to Natural Resources Minister Vickram Bharrat.
Speaking on the Starting Point podcast’s Sunday episode, Bharrat said the petroleum agreement gives the consortium an initial three-year exploration period, and the government expects work to begin soon.
“We have given them a very short time frame to start these activities. Within four to six months, we must see some kind of activities within the Berbice Block,” he said.
Guyana signed the agreement with the Dominican Republic and its investment partners earlier this year after introducing provisions in the Petroleum Activities Act allowing direct government-to-government negotiations in certain circumstances.
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Bharrat said the Berbice Block was previously held by CGX Energy, which had controlled the Berbice, Demerara and Corentyne blocks before relinquishing the Berbice and Demerara acreage to focus on the Corentyne Block.
He said the Dominican Republic consortium will carry out surveys before moving into drilling activities as required under its work program.
The minister added that exploration work could generate new economic activity in Region Six through direct and indirect employment as well as demand for transportation, housing and other support services.
“It will bring with it a number of opportunities, especially in the Berbice area,” Bharrat said.
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While offshore discoveries in the Stabroek Block have driven the country’s oil production above 900,000 barrels per day, the government has continued efforts to encourage exploration in other areas through competitive licensing and direct negotiations where permitted under the law.
