See full statement from Minister of Natural Resources Vickram Bharrat:
Fellow Guyanese, as Minister of Natural Resources with responsibility for the Petroleum Sector, it gives me great pleasure to announce Guyana’s 18th Offshore Oil Discovery at the Redtail-1 exploration well.
This will add to the estimated recoverable resource of more than 8 billion oil- equivalent barrels on the Stabroek Block.
The Government of Guyana welcomes the Redtail discovery and remains committed to the development of Guyana’s Oil and Gas Resources.
This discovery comes in wake of our County’s Budget for the year 2020 and complements the number of progressive measures announced by
His Excellency Dr. Irfaan Ali, President of the Co-operative Republic of Guyana and Honourable Vice President Dr. Bharrat Jagdeo. I assure you that the Government will do everything possible to ensure benefits from this and other sectors enhance the lives of all our people.
The ExxonMobil exploration programme continues to identify high-quality reservoirs in close proximity to previous discoveries. This will play an integral part in our long-term growth plans which will bring significant value to Guyana’s Development.
The Redtail Discovery is an addition to the Liza 1 well, which is in production and has already yielded almost $150 million USD from the three (3) completed lifts with the 4th lift schedule for later this year.
The Liza 2 well is expected to start production in early 2022 from the LIZA Unity Floating Production and Offloading Vessel (FPSO) with a capacity to
produce up to 220,000 barrels of oil per day.
Additionally, upon successful conclusion of the negotiations and approval, PAYARA will follow Liza 1 & 2 with Prosperity FPSO, also producing 220,000 barrels of Oil.
The Government of Guyana is committed to ensuring Guyanese benefit from this sector,
this has been demonstrated in President Ali’s appointment of the Local Content Panel.
The Panel has already commenced work in this regard and will soon be holding consultations and workshops with the relevant Stakeholders with the intention to draft a policy document and eventual Local Content Legislative framework.
These significant discoveries in the new and emerging Oil and Gas Sector will provide
the impetus to the Government’s effort to re-vitalize and re-capitalize the traditional productive sectors so that Guyanese can enjoy progress and contribute to wealth generation under the People’s Progressive Party administration.
we need guyanese who have lived amongst the north americans and Europeans to come home,and use the experience you have gained by living with these ppl.guyanese in country don't understand the thought process this comes from the knowledge living with them like the previous comment said stop drinking the kool aid of the master.we need to start thinking outside the box we been exploited for 400 yrs it's time we start demanding better for ourselves.the politicians need to be held accountable phone write demonstrate. whatever it takes they work for us we pay their salaries..
Corrupt and stupid governments are to blame for bad contracts signed off for countries resources. The big companies will table contracts that are the most profitable to them. Don't blame them for that, blame the corrupt fools like Trotman.
Should ExxonMobil leave Guyana’s oil at the bottom of the ocean or sea for the next 100 years. Maybe in 100 years, Guyana could save up all its pennies to train its own people, and spent it’s own money to drill for oil, itself.
it's better left there than give it away.the resources belong to guyanese and only us should be benefit from it the most not multinationals my ppl should have service jobs in Guyana not from Houston etc.