Italian Oil Company Interested In Drilling Offshore Guyana

MINISTER OF NATURAL RESOURCES RAPHAEL TROTMAN (CENTRE) WITH OFFICIALS FROM ITALIAN OIL COMPANY ENI.

Italian Oil Company Interested In Drilling Offshore Guyana

GEORGETOWN, Guyana, Tuesday March 27, 2018 – ENI, an Italian oil and gas exploration company could be the new kid on the block if the Guyana government gives it the go-ahead to carry out exploration offshore.  

ENI is a multinational oil and gas company headquartered in Rome. It is considered one of the world’s largest publicly owned oil and gas companies, also known as a supermajor. It operates in 79 countries and is currently the world’s eleventh largest industrial company with a market capitalisation of 68 billion euros.

Minister of Natural Resources, Raphael Trotman yesterday met the company’s Senior Vice President, Guido Zappala and his team at the Natural Resources Ministry, where he received a packaged plan of action from the company’s representatives.

“We had a long discussion with them about their practices elsewhere, what they are looking for. And obviously Guyana’s basin has become attractive and they have assured us that they are not worried about the current issue between Guyana and Venezuela. They are prepared to pursue and should there be any cause for concern they will manage,” Trotman said after the meeting.

The minister said that ENI, which is partly owned by the Italian government, has an excellent track record in terms of safety and good environmental practices, and the company has been lending its support to other countries, helping to develop their renewable energy capacity.

“Thirty per cent of the shares are owned by the government. So, you actually have a company that is undergirded by the government and is a main driver of the economy of Italy,” he said.

Trotman said his next move will be to prepare a report to present to President David Granger for his consideration.

The company has suggested another meeting in the next two weeks.

Source: http://www.caribbean360.com/

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Comments

  • Chris Prashad  On March 28, 2018 at 11:07 am

    Interesting !!!! Cinderella is finally getting some attention. Hopefully the lessons learned from the ExxonMobil deal will lay the foundation for wiser decisions.

  • Ali...  On March 28, 2018 at 9:11 pm

    I sayeth brothers and sisters kick out the Americans and let the Italians and Indians do our offshore drilling. Are we that dumb to trust the Americans? Or Brits? Smarten up people.

    • Mark  On April 22, 2018 at 6:58 pm

      Countries which tried to challenge the American empire and their effects:
      1. Iraq-Planned to cease trade of oil in US dollars for Euros in the early 1990s to 2000.

      Effect: America accuses Iraq of babies being thrown from incubators while in early 2002, George Bush Jr accused Iraq of owning weapons of mass destruction, which was later proven to be false. Iraq was also blamed for the controlled demolition in NYC on September 11, 2001 when WTC 7 collapsed into thin dust though no alleged plane hit that tower.

      2. Libya- Gaddafi aimed to introduce a gold-backed African Union currency in 2008.

      Effect: America accused Libya of war crimes and how Gaddafi was a tyrant who impoverished his people, despite the fact that in Libya, Gaddafi’s regime personally gave free houses and US$50,000 marriage bonuses for newly wed couples. America invaded Libya, murdered Gaddafi using ISIS (CIA-backed “rebels”), and Libya is a war-torn hellhole.

      3. Russian Federation: Vladimir Putin forms an alliance with China to dump the US dollar when trading oil. America reacts by accusing Russia of every accusation the book, the most laughable being Russian twitter trolls.

      4. Syria: Bashar Al-Assad becomes friendly with Russia and Iran. America reacts by claiming that Bashar Al-Assad uses chemical weapons on babies in ISIS occupied territories (CIA backed “rebels”). When that accusation didn’t work, they lied and claimed that Assad personally uses chemical gas on babies in his regime zones.

      5. Palestine: For many years since the 1967 war, America has accused Palestinians of creating war against the Turkish looking Jews of Israel. Israel lies about Palestinians in order to justify genocide and sending large missiles into Gaza in the form of white phosphorous.

      6. Hugo Chavez in Venezuela escaped several assassination attempts by intelligence agents in America and Israel because he was for Russia and against America. Rumours are currently that America plans to invade Venezuela using either the waterways of Trinidad & Tobago or Northern Guyana to instigate a war with Venezuelan ships and military ocean personnel.

      • Chris Prashad  On April 23, 2018 at 10:53 am

        Mark, the young and not so young generations
        of present day are denied this knowledge in the so-called educational institutions controlled by the money and power grabbing scumbags of society – the cabals, NWO zionists etc Their version of historical facts is worse than what is found in a toilet pit. Our young people are so brainwashed that they would rather hang the Messiah on a tree for the second time than face the facts .
        Hopefully, the seeds you planted will bear some GOOD fruits.

  • Clyde Duncan  On April 22, 2018 at 12:20 am

    Guyana Weighs New Offer …

    Neil Marks | Reuters

    GEORGETOWN, Guyana, April 3 (Reuters) – Guyana expects to hire consultants to help market its offshore oil basins in the wake of the huge finds by U.S.A. giant Exxon Mobil and partners, the South American country’s energy minister told Reuters.

    Since 1999, Guyana has awarded an Exxon-led group hundreds of blocks that stretch across Guyana’s maritime borders with Venezuela and Suriname. Their finds are turning Guyana, a country with no history of oil production and relaxed energy regulation, into one of Latin America’s hottest prospects for oil investments.

    Exxon, China’s CNOOC and U.S.A.-based Hess Corp operating in a consortium discovered more than 3 billion barrels of oil and gas resources off Guyana’s Atlantic coast, enough to boost the nation’s oil output to more than 500,000 barrels per day (bpd) in coming years, a similar volume to OPEC-member Ecuador.

    One of South America’s poorest nations, Guyana plans to recruit a firm to suggest ways of valuing and negotiating its remaining offshore areas, Guyana’s minister of natural resources, Raphael Trotman, told Reuters in an interview in the nation’s capital.

    “The cabinet has made a decision that any future allocations will be made based on advice from a firm of international repute that has advised governments on this kind of thing before and that is how we intend to proceed,” Trotman said.

    Guyana’s government has a list of qualified candidates for the advisory position, which he did not identify. No oil auctions are yet planned, Trotman said.

    The country is receiving interest from major oil firms, including France’s Total, Spain’s Repsol, U.S.A.-based Chevron Corp and Italy’s ENI, Trotman said.

    The same majors, independents and national oil companies also are active in auctions in Brazil and Mexico, and studying other opportunities in Latin America, which is rushing this year to install energy reforms to attract more foreign investment.

    Among the blocks that Guyana could make available is a deep-water area near the Exxon group’s Stabroek Block, located 150 miles (241 km) off Guyana’s coast, as well as several shallow-water blocks.

    The Exxon consortium, which paid $18 million as a signing bonus for its Guyana blocks, expects production from its flagship Liza-1 well to reach 120,000 bpd by 2020.

    The group has made seven discoveries off the coast of Guyana, the most recent in February from the Pacora-1 exploration well at the 6.6-million-acre Stabroek Block.

    In 2016 the companies signed a new agreement with Guyana for a four-year license to develop its blocks. The deal included two possible three-year extensions. The parties also agreed to a 2 percent royalty and 50-50 profits when production costs are recovered.

    Under Guyana’s petroleum act, a licensee may apply for no more than 60 blocks but the minister has the power to grant more than that, which is what Trotman said he did with the Exxon consortium.

    “We sought to give Exxon an area of land that touched the two boundary lines of the nation and that was strategic,” he said.

    Guyana has sought help from the United Nations and the International Court of Justice on claims by neighboring Venezuela to its land and offshore acreage.

    (Reporting by Neil Marks Writing by Marianna Parraga Editing by Bill Trott)

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