Guyana finalizing Qatar Petroleum entry into offshore blocks – Bharrat

Must Read

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

Authorities in Guyana are in the process of finalizing arrangements for Qatar Petroleum’s entry into offshore blocks in what is another major development in the South American country’s emerging oil and gas industry.

Back in July 2019, Qatar Petroleum announced that it had entered into an agreement with Total for a share of exploration and production rights in two blocks offshore Guyana.

Under the agreement, which is subject to regulatory approvals by the government of Guyana, Qatar Petroleum had said it would hold 40% of Total’s existing 25% participating interest in the Orinduik block. The other partners in this block are Tullow Oil (the Operator) with a 60% participating interest and Eco Atlantic with a 15% interest. Also, under that agreement, Qatar Petroleum had said it would hold 40% of Total’s existing 25% participating interest in the neighboring Kanuku block. The other partners in this block are Repsol (the Operator) with a 37.5% participating interest and Tullow Oil with a 37.5% interest.

At the time the announcement was made by Qatar Petroleum, Guyana’s Department of Energy had said the deal remains ‘substantially unclear’ and authorities were still studying the transaction.

Vickram Bharrat

However, Minister of Natural Resources, Vickram Bharrat, told OilNOW this week the government is in the process of greenlighting the deal.

“So, we’re in the process of dealing with that. As soon as that’s finalized, we’ll make an official announcement” he said. “But I can tell you the process is ongoing, that we have no objection with having Qatar Petroleum here.”

Guyana, Qatar to collaborate on oil and gas, portable military hospitals for pandemic fight

The Orinduik block is located 120 km offshore Guyana and has a total area of about 1,800 square kilometers, with water depths ranging from 70 to 1,400 meters, while the Kanuku block is located 100 km offshore with a total area of about 5,200 square kilometers with water depths ranging from 70 to 800 meters.

- ADVERTISEMENT -
[td_block_social_counter]
spot_img

Partnered Events

Latest News

SBM Offshore’s community initiatives in Guyana promote sustainability, local economies

SBM Offshore’s role in Guyana goes beyond oil production, as its community engagement projects aim to create long-lasting impacts...

More Articles Like This