Friday, September 29, 2023

Guyana will receive real-time monitoring of oil production

The companies West Coast Gas of Ghana and e-Magic Guyana’s high-tech companies signed an agreement on Sunday to provide the Government of Guyana with the ability to monitor oil production and air and sea pollution in real time.

“Represents a competitive and combined force of proven experience with local participation for the delivery of a technological solution of Vanguard. This will allow the Government of Guyana to independently monitor the production of hydrocarbons from its oil and gas fields“The companies said in a statement.

For his part, the president and CEO of e-Magic, based in Canada, Tony Harrisstated that talks have already been held with the Guyanese authorities to offer the services.

In this context, he explained that the joint venture partners could use a fiber optic cable from ExxonMobil or a direct satellite connection to monitor offshore oil operations.

“We would connect to the sensors of the FPSOs (floating production vesselsstorage and discharge) and even to the new gas plant that they are thinking of building, and we would transmit all that data, “said Harris.

Guyana’s Vice President, Bharrat Jagdeodoes not rule out real-time access to data via ExxonMobil’s fiber optic cable in the long term, but could opt for satellite technology in the near term.

Guyana’s National Assembly on Thursday approved the new Oil Activities Law, in order to pave the way for the implementation of various Government projects in the oil and gas sector.

The measure gave the Minister of Natural Resources broad powers and replaced the Petroleum Law of 1986the country’s main oil legislation.

He Guyanese President Irfaan Aliassured in mid-July that oil production in Guyana’s Stabroek block is expected to reach an average of 1.2 million barrels per day by the end of 2027.

Guyana’s total recoverable oil reserves amount to more than 11 billion barrels and rank 17th in the world and third in Latin America and the Caribbean.

Since the discovery of oil off the coast of Guyana in 2015, international interest in the country has increased. The Government has opened an important bidding round to develop 14 oil blocks.

Additionally, Guyana is projected to grow at an average of 25% per year between 2023 and 2026, with growth in the non-oil sector estimated at 7.9% this year.

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