Guyana commits US$1.6M to bolster regulatory oversight of oil and gas

Must Read

OilNOW
OilNOW
OilNOW is an online-based Information and Resource Centre

The Guyana government has utilised portions of a US$20 million World Bank loan to enhance operational efficiencies within the oil and gas sector.

OilNOW understands that a two-year contract was granted this year to vLex Justis Limited, which is headquartered in the United Kingdom, to provide software for efficient legal representation through access to up-to-date oil and gas articles, journals, and books. The contract is valued at US$38,070.

Another contract totalling US$530,630 was awarded to Landmark Technology Holdings Inc., which is headquartered in Texas, USA. This company is expected to provide the new oil producer with well management software. This is considered a necessary tool for assessing, reviewing, and evaluating any changes to well programmes or designs.

World Bank documents also note that Guyana has selected Schlumberger Guyana Inc. to provide analytical geoscience and reservoir engineering software. This is to ensure the geological, geophysical and reservoir engineering data received from the industry can be validated, utilised, or monetised. This is expected to be delivered within one year and cost US$998,489.

Guyana gets “fairly low overall score” in implementing 2019 EITI Standard | OilNOW

In keeping with the country’s obligations under the Extractive Industries Transparency Initiative (EITI), authorities are moving ahead with efforts to prepare the 2020 report. To this end, it has used US$113,700 from the loan to hire BDO LLP from the United Kingdom for six months as its Independent Administrator for the report.

The US$20 million World Bank loan was approved three years ago to support the Petroleum Resources Governance and Management Project which aims to enhance the nation’s legal and institutional frameworks.

The oil and gas sector continues to expand, with ExxonMobil upping output in the Stabroek Block and an offshore auction currently in play.

- ADVERTISEMENT -
spot_img

Partnered Events

Latest News

Noble’s Bob Douglas Vessel continues development drilling at Yellowtail site 

ExxonMobil Guyana is forging ahead with developmental drilling operations at the Yellowtail well site within Guyana’s Exclusive Economic Zone.  According...

More Articles Like This