CALL: 1-876-927-1779 | CARIBBEAN PETROLEUM UPDATE : MAY 2016
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CARIBBEAN Petroleum Update A Publication of the Caribbean Energy Information System (CEIS)
May 2016 ISSUE
Black Gold Found in Guyana: Promise of a better Future
Oil importation remains a ubiquitous burden on the production structure of Caribbean nations and is one of the most restraining factors in the manufacturing sector of these economies. With the current global consumption showing no signs of deceleration, governments in the Caribbean and worldwide had to seek ways to improve production designs so that economic growth and social development can be sustained.
Since its first oil find in the 1980’s, Guyana has embarked on numerous attempts over the years to find oil and despite several disappointing attempts the country continued until its offshore basin yielded a promise of a better future. Guyana yielded success in May 2015 when Exxon
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Mobil Corporation announced a significant oil discovery on the Stabroek Block, located approximately 120 miles offshore Guyana.
Currently, the Liza Well seismic acquisition is underway and the data gathered is actively being analyzed to determine the full resource potential and the commercial viability of the discovered resource. There are also early studies underway for potential development options for the Liza field and plans to spud the well at its Liza discovery site within the next two years. In the oil and gas industry, the process of beginning to drill a well is referred to as “spudding in”. Initially, a surface hole is drilled which is lined with casing and
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