The government has announced that discussions are underway regarding the establishment of an oil and gas data repository.
Natural Resources Minister, Vickram Bharrat on Tuesday during the consideration of the National Budgetary Estimates, explained that data in relation to Guyana’s oil and gas operations can be sold, and provide financial benefit for the country.
Discussions have commenced in relation to the establishment of a repository to house this valuable data in Guyana.
“The disadvantage being faced right now is that our oil and gas data is not stored in Guyana. The issue is that we could make a lot of revenue by selling that data, by having that data in the country, and by being responsible for it,” Minister Bharrat expressed.
Currently, the country’s oil and gas data is stored in a company in Houston, Texas that has the capacity to securely store it.
As such, companies in need of additional information related to prospects for Guyana’s oil industry will need to make a special appeal to the overseas facility in order to access that information.
“So, we’re moving to change that, so that we can have our data stored in Guyana, and we are able to manage that efficiently and earn revenue,” Minister Bharrat emphasised.
As Guyana’s oil and gas industry expands, Minister Bharrat explained that information related not only the prolific Stabroek Block, but all the oil blocks offshore Guyana, will be in demand.
Data repositories are enterprise data storage entities into which data has been specifically divided for analytical or reporting purposes.
Meanwhile, funds have been allocated in the 2023 budget for the hiring of a consultant to conduct a series of assessments.
These assessments will determine the type of data that will be stored, the hardware and software needed to house the data, and specifications for a suitable facility to house the data.
These will help the government to move forward with the planning for, and eventual construction of the data storage facility. [DPI]