Pacific Rubiales, the largest independent oil company in Latin America was drawn to the Guyana basin by its impressive undiscovered oil potential and with its success ratios in basins around the world, coupled with its recent partnership with CGX, the company is optimistic of its chances of unearthing petroleum in the area.
Pacific Rubiales Chief Executive Officer (CEO) Ronald Pantin, who accompanied shareholders from CGX to a meeting with President Donald Ramotar minutes before a binding term sheet between CGX and Pacific Rubiales was reached, is looking forward to moving exploration and production with haste.
“We think that Guyana is a place where, from the oil sector you (Guyana) have excellent prospectivity, we think that we can get there and explore and produce very quickly,” Pantin said in an invited comment to the Government Information Agency (GINA).
Pacific Rubiales conceded to a partnership with Canadian-based oil and gas exploration company CGX, which was recently re-issued Corentyne, Demerara and Berbice licences, to operate in a basin that a United States Geological Survey estimates has an oil resource potential of 13.6 billion barrels.
The renewed interest to explore comes even as the Canadian company came up empty at one of its locations last year with other reputable oil exploration companies like, Repsol, Tullow Oil, YPF and Exxon Mobile still intensifying searches independently or through joint ventures.
CGX Executive Chairman Dr Suresh Narine had announced that the priority now is on an aggressive work plan that amounts to hundreds of millions of US dollars.
With a presence in Columbia, Peru, Brazil, Guatemala and Papua New Guinea, Pacific Rubiales is also hoping to tap into Guyana’s gold, power, agriculture and iron sectors where its investment pursuits have also been strong.
With Guyana poised for takeoff as a major oil and gas producer, the Guyana government is focused on keeping the basin active.
Natural Resources and the Environment Minister Robert Persaud believes there is some level of impatience, but also the understanding that there are certain prerequisites that have to be made.