ENV 2204: Oil Exploration in Guyana

What was the primary reason why proposals for offshore wells in the 80's and 90's were frustrated?

Companies' inability to raise funds

What was the purpose of the South American Mapping Project (SAMMP) between 1992 and 1995?

To gather aeromagnetic and marine magnetic data on the South American continent and its offshore continental margin

Why did oil exploration come to a halt in 1994?

Due to the lack of funding for drilling programs

What was the government of Guyana's response to the halt in oil exploration in 1994?

Entering into a six-month promotional agreement with PETREL in October 1995 Signup and view all the answers

Which organizations sponsored the South American Mapping Project (SAMPP)?

AMOCO, BHP, CONOCO, EXXON, JNOC, and UNOCAL Signup and view all the answers

What benefit did the Guyana Geology and Mines Commission (GGMC) gain from the South American Mapping Project (SAMPP)?

Acquisition of a gridded magnetic dataset for Guyana Signup and view all the answers

What year did the discovery of oil at the Liza-1 well offshore Guyana take place, and what was the impact of this discovery on exploration interest in the region?

2015, and it led to a renewed and upsurged interest in exploration. Signup and view all the answers

Which multinational oil companies are active in Guyana's oil and gas sector, and what are the names of the smaller Canadian companies also involved?

ExxonMobil and Repsol YPF; CGX Energy, Tullow, and BrazAlta Resources. Signup and view all the answers

What is the significance of the Local Content Act No. 18 of 2021, and what was the timeline of its development?

It promotes local content in the oil and gas sector; the bill was passed in the Twelfth Parliament on 29 December 2021, after several rounds of stakeholder engagement and drafting. Signup and view all the answers

What are the challenges associated with unconventional oil and gas production, and how does it differ from conventional production?

Unconventional oil production involves extra deep oil and small pockets of oil that are currently uneconomic to recover; it differs from conventional production in terms of the complexity and cost of extraction. Signup and view all the answers

What is the significance of the Guyana Basin and Takutu Basin in Guyana's oil and gas sector, and what has been the impact of oil discoveries on these basins?

They are favorable areas for oil exploration; the discoveries of oil at Karanambo-1 well in 1982 and Liza-1 well in 2015 have maintained interest in these basins. Signup and view all the answers

What are the implications of the Local Content Act No. 18 of 2021 for foreign oil companies operating in Guyana, and how might it impact their operations?

The act promotes local content and participation, which may require foreign oil companies to adapt their operations and increase local hiring and procurement. Signup and view all the answers

What was the duration of the Oil Exploration License (OEL) and its possible renewal period, and what activities did it cover?

The OEL was valid for two years and could be renewed for another year, covering pre-drilling activities. Signup and view all the answers

What was the main objective of the Government of Guyana's initiative in the 1980s, and how was it supported?

The main objective was to promote and attract investors for exploration in Guyana's emerging petroleum industry, and it was supported financially and technically by the World Bank. Signup and view all the answers

What was the outcome of the World Bank's project in the late 1980s, and how did it measure its success?

The outcome was the grant of two offshore petroleum exploration licenses to LASMO/BHP and PETREL/GUYANA Exploration Limited (GEL) in 1988, which measured the success of the project. Signup and view all the answers

What was the significance of the 1989 offshore seismic surveys conducted by LASMO/BHP, and what did they indicate?

The 1989 offshore seismic surveys conducted by LASMO/BHP were significant because they indicated the potential for oil and gas discoveries in Guyana's offshore areas. Signup and view all the answers

What was the duration of the Oil Mining Licence (OML) issued by the Government of Guyana, and what activities did it cover?

The OML was valid for 30 years and covered production and development activities. Signup and view all the answers

What is the current role of the World Bank in Guyana's oil and gas sector, and what does it indicate about the country's progress?

The World Bank is still supporting Guyana in developing its new oil and gas sector, which indicates that the country is still in the process of developing its petroleum industry. Signup and view all the answers