Posted on

Guyanese company signs extension for oil exploration

Guyanese company signs extension for oil exploration

Social Share
Share

GEORGETOWN – The Guyana Shore Base Inc. (GYSBI), on Monday signed an 11-year extension contract with Esso Exploration and Production Guyana Limited (EEPGL), an ExxonMobil affiliate for the provision of shore base management and operations services.

The contract builds on the previous agreement, which was awarded to the company in 2017 with, GYSBI, a pioneering local company in the local oil and gas sector, indicating that it has directly invested over US$300 million in enabling port infrastructure, real estate development, warehousing and support services.

It said also that it has recruited, trained and certified more than 1 000 Guyanese for key operational positions within the industry and beyond through its affiliates and catalysed more than US$500 million in investment in the Houston/McDoom, East Bank Demerara corridor by providing the enabling infrastructure and establishing the first oil and gas activity hub in Guyana.

Natural Resources Minister, Vickram Bharrat in welcoming the signing, said GYSBI has become a prime example of what is possible for Guyanese businesses in the country’s relatively new oil and gas sector.

This signing is a clear indication that we are building capacity as we move to develop the oil and gas sector. There is so much that is happening offshore Guyana and it is not only in the Stabroek Block. I am positive that we will have other discoveries. This activity shows that we are moving in the right direction in this country,” he said.

Bharrat said that with a projection of nearly 11 billion barrels of recoverable resources and further drilling activities taking place, the government is optimistic that more discoveries would be recorded and therefore, more Guyanese companies would be called upon to meet the myriad of services that would be required.

“As a government, we are not afraid to take bold steps. Some people may say that we are moving too fast and indeed we are moving fast. I don’t think we have seen this pace of developing an oil and gas sector in any country, especially a third world country like Guyana.

GYSBI executive director, Robin Muneshwer, said that the contract extension builds on five years of significant and continuous investment, hard work, training and development of local capacity to create a world-class facility that meets the specialised needs of the oil and gas industry.

“The first five years that we are about to complete in August were quite challenging but ExxonMobil was a true partner in all of this. They worked with us as we developed because we were starting from scratch in a country that had no oil and gas experience or infrastructure.

“As we developed, ExxonMobil raised the bar on us and this is where we are at right now. We have got an 11-year extension because we earned it. What we have developed at GYSBI is something we are extremely proud of. Our safety record is unparalleled, we have just celebrated two years LTI free. Our operational record is excellent, so it wasn’t handed to us. We have earned it. ExxonMobil has shown a lot of trust and faith in us and worked with us,” Muneshwer said.

He said when the company in 2017 signed the contract for eight acres, two berths and one warehouse, it has now mushroomed to 170 acres, eight warehouses and four berths, with further expansions planned. The company has a workforce of 616 with 95 per cent of them being locals. (CMC)