The Guyana government on Wednesday hinted at the possibility of exploring several options with the remaining oil blocks including an option to form a national oil company.
Guyana’s Vice President Bharrat Jagdeo, speaking at the International Energy Conference and Expo: Guyana, said the previous oil blocks were given out on a first-come, first-serve basis.
But he told the conference the policy has changed given the discovery of oil and that the remaining oil blocks will either be auctioned off during the third quarter of this year or alternately, used to form a national oil company.
“To offer clarity by the third quarter of this year all of those decisions would be made. So we will either make a decision that we will be part of a national oil company with those remaining blocks or we will tender them with our without seismic (studies)” Jagdeo said.
He said that Guyana’s government has already received several proposals from large operators that are willing to work with the authorities here on the establishment of the national oil company.
Jagdeo also said the pace of development in the country has been rapid and the government has been trying to evolve to keep up with that pace.
