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Regional News

September 01, 2005
Middle East companies interested in oil exploration

Three new companies have expressed an interest in oil exploration in Guyana.
Prime Minister Samuel Hinds yesterday met representatives of Consolidated Contractors Company (CCC) who are currently in Guyana to explore its hydrocarbon reserves, the Government Information Agency (GINA) reported.

GINA said CCC is a Lebanese-based construction company, which specialises in oil and gas exploration. The company currently operates in over 30 countries including Niger, Saudi Arabia, Ecuador and Yemen.

General Manager of the company, Clifford Hunter said they are considering a number of potential investment locations and Guyana is a prime candidate.

Prime Minister Hinds noted that the investment, if successful, will be timely, especially in light of surging oil prices worldwide. He noted too that the company has identified several potential onshore and offshore locations, which includes the Takutu Basin.

Later yesterday, the Prime Minister met with UNI Arab Group Holdings, a Middle East based company, which has also indicated its interest in acquiring a prospecting license to drill for oil in Guyana.

According to GINA, Ambassador, George Hallaq said, even though they are only in the negotiating phase, the company is optimistic about finding sufficient hydrocarbon reserves to make its operations viable.

Prime Minister Hinds also said that yet another company, Petrobras of Brazil, has expressed an interest and is scheduled to commence negotiations with government next week.

Groundstar Resources of Canada and Sadhna Petroleum of Trinidad and Tobago have also recently acquired prospecting licences and are scheduled to commence activities shortly.



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