Petroleum Economist Features Guyana in High Profile Review of the ExxonMobil discoveries

April 15th, 2019 – Georgetown, Guyana – Petroleum Economist this week released an article highlighting the scale of the discovery offshore Guyana, speaking to the challenges faced by the incumbent government and looking at the country’s political future.

Striking an optimistic tone based on the ExxonMobil discoveries in the Stabroek block, Petroleum Economist also discussed the political uncertainty currently.

“They may […] want to slow the pace of development down to allow them to put an effective regulatory regime and revenue management policies and procedures in place,” says Westwood’s Myers.

As the article highlights, these revenue management and regulatory regimes are important to address from the start, and indeed will be necessary features of a sustainable oil industry in Guyana. However, as is consistently the case in such international press coverage, there is a lack of attention paid to developing local content. Developing local content, from entry level positions to more senior ones in management and technology, to having a national oil company, will provide the basis for some of the most important metrics for Guyana.

Said Lars Mangal, CEO of TOTALTEC, “Petroleum Economist is the latest in the highly respected oil industry publications to feature a very good article on Guyana. For a brief summary of both the offshore activity and situation with government, this is a very good read. However, like many others they do not highlight the issue of local content, in particular starting now on including in the more highly skilled positions, and on having a national data repository. TOTALTEC will continue to champion these issues.”

Read the full article:

https://www.petroleum-economist.com/articles/politics-economics/south-central-america/2019/exxonmobils-midas-touch

About TOTALTEC

TOTALTEC Oilfield Services is focused on the success of the oil industry in Guyana for the benefit the country, its people, and partner companies. It does this through three areas: people, partnerships, and facilities. Qualified and motivated Guyanese develop through the Academy. Partnerships prioritize products and services that are starting points to grow from, in effectively introduce companies new to Guyana. The Guyana Shore Base facility is now supporting offshore operations.

The 94% Guyanese TOTALTEC workforce includes 8 nationalities with over 160 years of international oilfield experience. https://www.totaltec-os.com