Minister of Natural Resources and the Environment, Robert Persaud accompanied by the personnel from the Guyana Geology and Mines Commission’s Petroleum Division on Friday (November 15) inspected a mapping exercise currently underway in the Mahaica, Mahaicony area by local contracting company S. NABI and Sons which has a lease for 2,300 square kilometers (km).
Robert Clark, President of the Texas based Hydrocarbon Imaging Services Inc. is conducting the testing and mapping, using specialized equipment. He pointed out that his firm has successfully conducted operations in Peru, Suriname, Trinidad and Tobago and several African countries.
Clark stated that there is a lot of information which is very sketchy on historical wells.
He declared that tests indicate that there are hydrocarbons present but it all comes down to commercial quantities.
“The signs thus far are very encouraging and there is also the presence of gas (methane) as well,” he added. The area being surveyed is known for oil seeps and soil outcrop also known as reefs, clear indicators of hydrocarbons being present in the subsurface of the soil.
Minister Persaud, who witnessed the testing being conducted, said that there are three companies which are currently conducting similar exercises in other areas; one is currently offshore and the other is in the South of Guyana.
According to the Minister, “while the exploration is in the early stage, there are many more stages that the company or other exploration companies will have to undertake before getting to that point, but certainly if there is that potential, it is important that as a nation we examine and explore that potential.”
NABI Oil and Gas Inc. secured their prospecting licence in June of 2012 and have already invested over $70M on the project and anticipate that it may be able to drill for further testing and extraction sometime in 2014.