Baker Hughes to pump US$8M into oil field facility at Land of Canaan

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US Energy technology company; Baker Hughes, is looking to invest over US$8 million to build an oil field service facility in Guyana that will support upstream operations.

That information was revealed by the Environmental Protection Agency (EPA), which previously announced that the company had submitted an application for the facility which is expected to be constructed at Land of Canaan, East Bank Demerara.

Construction of the facility is expected to take between six to eight months.

Baker Hughes is an energy technology company that provides solutions to energy and industrial customers worldwide and has operations in over 120 countries.

According to a recent report by Bnamericas, the oil field facility will be supported by multiple product lines and serve as an assembly maintenance and overhaul center to clean, inspect, disassemble, and assemble tools for completions, wireline and drilling services.

Baker Hughes highlights the Guyana Government’s push for oil and gas operators to develop and utilise supply bases in Guyana.

Other international service providers such as Halliburton, Saipem, Schlumberger and TechnipFMC also have stepped up efforts to establish a presence in the country and hire local professionals.

In a recent presentation, TechnipFMC highlighted US$500m-US$1bn in subsea opportunities from the Payara development at offshore block Stabroek that Guyana approved some weeks ago.

Guyana is expected to significantly ramp up oil production in the coming years. US oil giant, Exxon has estimated that there are eight billion barrels of recoverable reserves in the Stabroek Block.

The Payara project is expected to produce 220,000 barrels of oil per day and contain up to 45 wells inclusive of production, water and gas injection wells.

Payara is the third Field Development Plan (FDP) from Exxon to gain approval. The first FDP that the Guyana Government approved was for Liza Phase One, while Liza Phase Two is expected to start up in 2022.

Several investors in the oil and gas industry have already taken steps to establish their presence in Guyana.