Guyana says it will will create Petroleum Directorate this year

Guyana says it will will create Petroleum Directorate this year

Guyana says it is going to establish a Petroleum Directorate in the first half of this year, a reflection of the new importance of hydrocarbons in the South American nation since the 2015 discovery by ExxonMobil of huge potential reserves offshore.

Exxon’s find at the Liza-1 well in the Stabroek block, followed by more at the Payara-1 well, are promising to transform the country’s economy with more than a billion barrels of oil equivalent waiting to be unearthed.

Hence the announcement by the Minister of Natural Resources Raphael Trotman to set up a Petroleum Directorate.

It would follow the example of other oil-producing countries by keeping separate functions for policy development and regulation monitoring.

Around $1m has been budgeted for petroleum management, to be used for renting and equipping a building for the Directorate.

Guyana is planning to be producing oil by the year 2020.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.

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