Govt has moratorium on remaining oil blocks – Trotman

first_img…applications from local companies vying with big namesBy Jarryl BryanWith a number of big names in the oil industry lined up to drill for oil in Guyana’s waters alongside applications from local companies, Government has announced there is a standing moratorium on new oil exploration licences.Natural Resources Minister Raphael Trotman made this known to the Natural Resources committee of the National Assembly on Friday, when he was called upon to give a report on the sector.Natural Resources Minister Raphael Trotman (centre) is flanked by his junior Minister Simona Broomes and a staffer of the Ministry, during the meeting with the Natural Resources CommitteeThis moratorium does not include United Kingdom-based company Tullow Oil. Tullow is the operator of the Orinduik Block, with a 60 per cent interest; while Eco Atlantic Oil and Gas is its partner with the remaining 40 per cent interest. The block is located in the shallow waters of the prospective Suriname-Guyana basin.“Tullow submitted its application before elections,” Trotman explained. “The Government considered that we should honour that because the agreement was negotiated prior to the change of Government. We gave the right to Tullow to proceed as they had agreed with the Government previously.”“Outside of that, we have enforced a solid moratorium. We want to know we have control and a sense of definition about what it is we are dealing with. 3.2 million barrels of oil is a major volume and billions of US dollars.”The Minister noted that Government has received applications from French multi-national company Total, Italian company ENI, United States Company Chevron, Spanish company Repsol and even local companies. In addition, Trotman revealed that they are in discussions with Brazilian State-owned oil company Petróleo Brasileiro (Petrobras).“Government recognises that the time will come when we will have to issue new licences,” he said. “But we intend to do so through the benefit and assistance of an international law firms. So we have worked up a list of law firms that do this.”Oil companiesIn a relatively short period of time, Guyana has become a hot bed of oil exploration activity. The most popular example of this is ExxonMobil’s affiliate, Esso Exploration and Production Guyana Limited which has to date, made a number of oil discoveries.This company’s domain is the Stabroek Block, which is 6.6 million acres. While Esso Exploration and Production Guyana Limited is the operator and holds a 45 per cent interest in the Stabroek Block, Hess Guyana Exploration Ltd holds a 30 per cent interest, and CNOOC Nexen Petroleum Guyana Limited holds a 25 per cent interest.There is also Ratio Guyana, which is in a joint venture partnership with EEPGL in the Kaieteur Block, offshore Guyana. Ratio Guyana Limited has a 25 per cent stake in the Kaieteur Block. Ratio Energy Limited has another 25 per cent of the Kaieteur Block while EEPGL has a stake of 50 per cent.Meanwhile, the Orinduik oil block has been under the administration of Eco Guyana and Tullow since they signed a 10-year Petroleum Prospecting licence and Production Sharing Agreement with Government in 2016.CGX Resources Incorporated, a Canadian oil company, is another major player in the local industry. CGX’s entire portfolio is focused on Guyana, in both the onshore and offshore basins.The company has stakes in blocks located offshore and onshore of Corentyne, Berbice and Demerara. The Corentyne licence applies to 1.5 million acres, while the Demerara licence one million acres. Both of these operations are fully owned by CGX.Onshore, the company holds a majority stake in the Berbice Block, through the ON Energy joint venture, owned 62.5 per cent by CGX Energy and 37.5 per cent by local investors.Following on the heels of the parliamentary Opposition urging Government to auction the remaining oil blocks, something its own Advisor, Dr Jan Mangal had recommended, Government had stated that a process of both direct engagement and select bidding would be used to allocate Guyana’s remaining oil.last_img read more

NE United enter 5-yr partnership with I-League club NEROCA

first_imgNew Delhi, Jul 22 (PTI) Indian Super League side NorthEast United have signed a five-year partnership with new I-League club NEROCA FC of Manipur that will focus on the strategic football development in the state and its surrounding areas. After launching its own residential academy, Centre of Excellence, in Shillong, NorthEast United will focus on creating valuable partnerships throughout the North-East to identify home-grown talent from the hotbed of Indian football. NorthEast United will hold a part of its pre-season in Imphal and play an exhibition match against NEROCA before the start of ISL 2017-18 campaign. Both the clubs will be committed towards working together on grassroots development initiatives in the area. Speaking on the partnership, NorthEast United owner John Abraham said, “Our tie-up with NEROCA FC is an extremely important step towards reaching out to the vast reservoirs of talent that Manipur possesses. We recognise the fact that grassroots is an extremely important building block for sustainable football development in the region and we are proud to partner with a team that has a huge fan-base in Manipur and is as committed to football development as we are.” NEROCA FC CEO Naoba Thangjam said, “Our partnership with NEUFC will mark the dawn of a new era in football, especially for a state like Manipur where sports is a way of life. We believe in giving ample opportunities in youth development and grassroots and with NEUFC, who has the same principles, I believe this partnership will open new and more opportunities. Also we look forward to our pre-season exhibition match to mark our new journey as partners.” NEROCA FC will make their maiden I-League appearance this season after winning the I-League second division earlier this year. PTI PDS PDSadvertisementlast_img read more