Guyana advances efforts to establish oil and gas data repository

The Guyanese government plans to establish an oil and gas data repository later this year, which will centralize all historical and current petroleum data within the country.

Currently, Guyana’s petroleum data is stored in Houston, Texas, and companies interested in accessing additional information must submit a request to use this foreign facility. Natural Resources Minister Vickram Bharrat called the project an ambitious step toward creating jobs and generating revenue by keeping data within Guyana’s borders.

“Many oil-producing countries do not have a data repository of their own even after four or five years. After just four years, we are already moving forward with setting up our own in-country repository,” said Bharrat.

“This is a very profitable initiative because it’s not only about spending money to establish the repository. It’s about employing our people and selling that data to companies interested in exploration activities in Guyana. It holds substantial value,” he added.

In the previous bid round, Bharrat noted, companies had to pay a US$2 million to access the data. Although Guyana received a portion of this revenue, having the repository in-country would be far more advantageous.

“If we manage it locally, we can generate significant revenue by selling our data, as it is highly sought after. Everyone wants data from the Guyana Basin,” he explained.

A petroleum data repository is a centralized system for storing and managing data related to petroleum and natural gas exploration, production, and distribution. It includes a range of information such as seismic data, drilling records, and reservoir engineering data.

The government also announced that it has reviewed eight expressions of interest for conducting seismic surveys offshore and has invited seven companies to submit proposals for further consideration. The government aims to award the contract this year after completing the evaluation process.

A 3D seismic survey is a key tool in oil and gas exploration, providing a three-dimensional image of the subsurface and helping to identify potential oil and gas reserves more accurately. -(CMC)