Vice President Dr. Bharrat Jagdeo, in a press briefing on Thursday, clarified that the government will not be conducting a seismic survey on its offshore oil blocks. This comes after Senior Finance Minister Dr. Ashni Singh’s announcement in the 2024 budget on Monday, which referred to key survey studies for these offshore concessions. Dr. Jagdeo said, “We have no immediate plan to do seismic work funded by the Government of Guyana.”
Dr. Jagdeo also explained that the government’s initiative involves an internal review of existing data on Guyana’s offshore oil and gas concessions. This assessment aims to better evaluate potential petroleum resources for development and production. He said authorities realized that this process was crucial, especially during the preparation for Guyana’s first oil blocks auction, which was launched in December 2022.
The vice president also mentioned that the upcoming compilation of data will include information gathered since the bid round, ensuring a more efficient process for future auctions.
Notably, the Vice President said data will on 20% portion of the ExxonMobil-operated Stabroek Block, due to be returned to the state in October, will also be assessed. He said this forms part of the government’s strategy in managing and maximizing its natural resource assets.
