Plans to establish an oil and gas data repository in Guyana are advancing, with the government aiming to finalise arrangements for its implementation by the second half of 2024. The initiative, highlighted in the 2024 Mid-Year Report, will allow Guyana to consolidate all historical and current petroleum data within a centralised local facility.
Currently, Guyana’s oil and gas data is stored in Houston, Texas, requiring companies to make special requests for access. With the establishment of a local repository, data access will be streamlined, bringing significant benefits to the country.
At a recent press conference, Minister of Natural Resources Vickram Bharrat described the initiative as an ambitious project aimed at creating jobs and generating revenue by retaining data domestically. Bharrat emphasized that few oil-producing nations have established their own data repositories within the first few years of production, noting that Guyana’s move toward such a facility after just four years of oil production is a significant achievement.
“This is not just about setting up the repository; it’s about getting our people involved and selling data to companies looking to explore in Guyana,” Bharrat explained, adding that the project holds significant financial potential. In the last bid round, companies were required to pay a US$2 million fee for data access. Bharrat argued that having the repository in-country would allow Guyana to retain a larger portion of this revenue, as demand for data from the Guyana Basin continues to grow.
The oil and gas data repository will serve as a centralised storage system for information related to petroleum exploration, production, and distribution, housing seismic data, drilling records, and reservoir engineering data.
Additionally, the Mid-Year Report revealed that eight expressions of interest for conducting seismic surveys offshore Guyana have been reviewed. Seven companies were invited to submit proposals, with evaluations and contract awards expected in the second half of 2024.
A 3D seismic study, a critical tool in oil and gas exploration, will also be conducted as part of these efforts. This technology creates a three-dimensional image of subsurface formations, helping to pinpoint potential locations for oil and gas reserves.
