22 C
Georgetown
Monday, June 14, 2021

Guyanese investor building multi-million-dollar oil & gas storage facility close to major shore base

Must Read

First Lady Arya Ali is ‘Godmother’ of Guyana’s 2nd oil production vessel

First Lady of Guyana, Arya Ali, officially dedicated the Liza Unity Floating Production Storage and Offloading (FPSO) vessel at...

“We didn’t realise the significant potential of Stabroek Block” – says Shell VP exploration

Oil and gas exploration is risky business. Prior to the 2015 Liza discovery, all available data pointed to a...

Oil prices rise as demand improves

(Reuters) Oil prices rose on Monday, hitting their highest levels in more than two years supported by economic recovery...
OilNOW
OilNow is an online-based Information and Resource Centre which serves to complement the work of all stakeholders in the oil and gas sector in Guyana.

A Guyanese businessman is looking to transform a section of an abandoned cane field into a multi-million-dollar infrastructure targeting the needs of the oil and gas industry. W1 Houston Inc. is working towards the establishment of a storage facility that is expected to bear a price tag of some GY$115 million.

The facility will be developed by former head of the Guyana Office for Investment (GO-Invest) Owen Verwey. This was disclosed when he submitted the project summary for the construction of a Laydown / Outdoor Storage Yard for Non-Hazardous Materials at Houston, Greater Georgetown to the Environmental Protection Agency (EPA). The Agency has since determined that the project does not require an Environmental Impact Assessment (EIA).

According to the project summary seen by OilNOW, the facility is being constructed for the purpose of storing imported equipment, parts and tools which will be transferred to the offshore oil and gas operations. Located at Block W1, Houston, Greater Georgetown, the land that is to be developed is part of an abandoned cane field that is opposite the Gafoors Complex.

“The proposed land use will see most of the land as open space except for work accommodation structure, two 40 feet container offices and security huts,” the document stated. It was also noted that the project involves an investment of over GY$115 million to prepare the site for operations and will employ between 3 to 12 employees during this phase. This will include Health Safety and Environmental (HSE) personnel, lifting equipment operators, labourers, security, and administrative staff.

Owen Verwey

Speaking to OilNOW, Verwey explained that it was the emerging opportunities and demands of the petroleum sector that led him to pursue the development. “The opportunity that I saw was a bit of the specific need for storage, and generally the wide range of opportunities in this expanding sector,” he stated. Added to that, the businessman said, “We have the benefit of being in very close proximity to the existing Guyana Shore Base Inc. (GYSBI) and its Annex facilities, and close proximity to other port facilities currently been used in Georgetown.”

The developer said that preparation of the land should take approximately 14 days and the operations should last no less than 5 years.

In a recently published notice, the EPA stated that the project summary received an EIA Screening Score of 526 points which is below the threshold required for an EIA, which is 872.

- Advertisement -

OilNOW TV

Latest News

First Lady Arya Ali is ‘Godmother’ of Guyana’s 2nd oil production vessel

First Lady of Guyana, Arya Ali, officially dedicated the Liza Unity Floating Production Storage and Offloading (FPSO) vessel at...

“We didn’t realise the significant potential of Stabroek Block” – says Shell VP exploration

Oil and gas exploration is risky business. Prior to the 2015 Liza discovery, all available data pointed to a high probability of not finding...

Oil prices rise as demand improves

(Reuters) Oil prices rose on Monday, hitting their highest levels in more than two years supported by economic recovery and the prospect of fuel...

Guyana on its way to cashing in over half billion US dollars in oil revenue by year-end

Guyana, now in its second year as an oil producing nation, could see revenues from royalties and the sale of its Liza Crude surpassing...

Exxon moves to Whiptail as 15-well Guyana campaign ramps up

Fresh off a new discovery announced just last week, U.S. oil major ExxonMobil is now moving to Whiptail, another prospect on the 6.6 million...

More Articles Like This