In wake of Guyana’s debut oil blocks auction, Delcorp International, a new entrant powered by the synergy of Guyanese and Trinidadian expertise, has emerged as the winning contender for the coveted deepwater block D1.
Delcorp International, which has its registered office at Lot 25 South Street, Lacytown involves two Guyanese Directors: Melisa Seuralal and George Vaughn, and one Trinidadian, Stefan Jones.
Seuralal, a Delcorp shareholder, also serves as Company Secretary. The 30-year-old Guyanese holds a First Degree in Environmental Science from the University of Guyana. She intends to pursue a Master of Science in Oil and Gas and Renewable energy next year.
Vaughn, she confirmed, is a Certified Accountant with 10 years under his belt. He previously worked with the USAID on several projects as their Finance and Administrative Manager.
As for Stefan Jones, he is the Director and CEO of ICE MEDIA GROUP. His company has tremendous experience producing over 9,000 commercial productions in the Caribbean Region, Latin America and the USA, with globally recognized brands such as KFC, DHL, Nestle and Courts.
The Delcorp team is also buttressed by the technical expertise of Linhurst Ishmael who serves as a consultant on deep water exploration and optimization.
Guyana Standard understands that Ishmael has been associated with leading companies in the upstream oil and gas industry for over 40 years. His first decade commenced in 1979 and this included assignments at AMOCO Trinidad Oil Company in the area of Production Operations (now BP Trinidad), Baroid Trinidad Services in the area of Drilling Fluids and Drilling Fluids Equipment and thereafter at Directional Services Ltd.
Also on the team is Brian Lamsee, a Drilling Fluids Engineering Consultant with over 45 years experience following assignments in Azerbaijan, India, Trinidad and Tobago and Barbados.
The Delcorp Group is also supported by Victor S Mitchell, a tried and proven Exploration and Production, Oil and Gas Executive with technical expertise specializing in drilling, completions and production engineering. Mitchell’s career to date spans 48 years across the Upstream Oil and Gas Value Chain in Guyana, Suriname and Trinidad and Tobago.
It was on Thursday that Vice President, Dr. Bharrat Jagdeo announced that Delcorp, in partnership with Watad Energy and Communications Ltd and Arabian Drilling Company were awarded the 2,880 sq km D1 Block.
Established in 1964, Arabian Drilling is considered a leader in the drilling sector in Saudi Arabia. This company is also an award winning onshore and offshore gas and oil rig drilling company with an extensive track record of operational excellence.
As for Watad Energy and Communications Ltd, it is considered a fast-growing information and communications technology company that prides itself on providing cutting-edge cybersecurity, artificial intelligence, machine learning, industrial automation and smart city solutions.
Seuralal in a brief interview told Guyana Standard that the company believes the D1 award reflects the government’s strong support for local content. She said, “The award to our company is indicative of the opportunities available to other local players.”
Delcorp Group believes that through its strategic alliances, it has access to the regional, international and financial expertise necessary to facilitate Guyana oil and gas exploration.
The auction which Delcorp participated in was launched last December. The bid round featured 14 blocks on offer but only eight had received bids. Following a review of those bids, Vice President Jagdeo revealed on Thursday that Cabinet approved several companies to be awarded various blocks.
Jagdeo said TotalEnergies EP Guyana B.V. in consortium with Qatar Energy International E&P LLC and Petronas E&P Overseas SDN BHD was approved for a shallow water block called S4. ExxonMobil Guyana Limited, Hess New Ventures Exploration Limited, and CNOOC Petroleum Guyana Limited were approved for shallow water block –S8.
Out of Nigeria, International Group Investment Inc was found eligible for two shallow water concessions—S5 and S10.
An American and Ghanian partnership, Liberty Petroleum Corporation and Cybele Energy Limited, was approved for shallow water block—S7.
Sispro Inc., a company backed by four women, was also found eligible to be awarded a shallow water block called S3 and a deepwater block titled D2.
Now that these companies have proven to be eligible for the blocks, Jagdeo said negotiations would be initiated to ensure companies have the wherewithal to carry out their respective exploration programmes. Such talks would also entail ensuring that the companies are capable of paying the respective signing bonuses for their blocks set at $10M for shallow concessions and $20M for those in deep water. Jagdeo said this has to be paid before the contracts are signed.
Companies that will be awarded the new blocks will also have to agree to a new fiscal regime that requires the payment of a 10 percent royalty and a 10 percent corporate tax. The cost recovery ceiling will be capped at 65 percent in a given year, while profits will be shared 50/50 between companies and State. .
With these awards, the stage is set for a new chapter in Guyana’s energy narrative.
