Georgetown, Guyana – (June 25, 2015) Minister of Governance, The Hon. Raphael Trotman, today met with REPSOL Exploration executives during a courtesy call at his office today. Mr. Allan E. Kean, Atlantic Basins Exploration Manager and Mr. Giancarlo Ariza, Guyana Country Manager, used the opportunity to request an extension of six months to continue gathering seismic data on the Kanuku Block, where they are currently conducting exploratory work.
REPSOL is currently required to commit to drilling or relinquish exploratory rights by the middle of November, 2015. A six month extension would give them up to May, 2016 to make a decision on drilling just one year before the projected drill date, which will remain at the middle of May, 2017.
Minister Trotman, who was acting on behalf of President David A. Granger, who is responsible for the Petroleum sector, said that the request would be favourably considered. Acting Commissioner of the Guyana Geology and Mines Commission Newell Dennison, who was also present at the meeting, is tasked with presenting a report to the President, before the request can be granted.
The Minister said that the President is eager to fast forward the development of Guyana for all Guyanese and sees the extractive sector as one that can provide “the fuel that can take Guyana from zero to 100 fast.” He noted that the President is keen on expanding investments in the petroleum sector. REPSOL also applied two years ago for exploratory rights for Ultra Deep water Block C.
The company boasts being first to discover oil in Guyana in July 2012 when they began drilling at the Jaguar-1 Well and found the presence of hydrocarbons. Though that drill site did not produce oil in economic quantities, REPSOL was able to gather significant seismic data that will be useful for future exploratory work. Minister Trotman was presented with a sample of the hydrocarbons found at the Jaguar-1 drill site by the company.