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What Can Be Expected From Guyana’s Auction?
Guyana, one of the fastest-growing oil discoveries in the world, pushed back the end of its auction of 14 offshore oil blocks to mid-July. Oil and gas exploration in Guyana is pictured. // File Photo: Government of Guyana.
Guyana, one of the fastest-growing oil discoveries in the world, pushed back the end of its auction of 14 offshore oil blocks to mid-July. The three-month delay from April 14 is a result of the need to modernize the country’s oil and gas regulatory framework, Guyana’s Ministry of Natural Resources said in a statement. The auction, launched in December, has received bids from 10 companies including Shell, Petrobras and Chevron. Who are the strongest bidders, and how can energy operators and equipment providers optimize their chances of winning? What does the auction mean for Guyana in terms of economic development and the current ExxonMobil-led consortium’s dominance of its oil sector?
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Schreiner Parker, senior vice president and head of Latin America and Caribbean at Rystad Energy: “There is no doubt that the Guyana-Suriname basin is one of the hottest exploration spots in the world, but it’s worth noting that exploration efforts outside of Exxon’s Stabroek block have yet to yield any commercially viable discoveries. Guyana would like to see that trend reversed and auctioning new blocks is certainly one way to achieve that goal. Attracting top offshore operators will be key to the ultimate success of this bidding round and preliminary reports suggest that Guyana will be able to do just that. Shell famously stepped away from the Stabroek block just before the Liza-1 well was drilled and, as one of the premier deep-water operators in the world, they probably feel a presence there is warranted. Petrobras, for their part, may be able to…”
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A sister publication of the Inter-American Dialogue’s daily Latin America Advisor, the weekly Energy Advisor captures fresh analysis from business leaders and government officials on the most important developments in oil and gas, biofuels, the power sector, renewables, new technologies, and the policy debates shaping the future of energy in the Western Hemisphere and beyond. To subscribe or for more information, contact Gene Kuleta, editor of the Advisor, at gkuleta@thedialogue.org.
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