The Briefing Room
General Category => World News => Topic started by: endicom on June 21, 2018, 12:25:33 pm
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4-traders
Kejal Vyas
June 21, 2018
GEORGETOWN, Guyana -- Along the sea wall separating this sleepy capital's moldering wooden houses from the coffee-colored Atlantic, construction workers in hard hats rush to expand ports, build luxury condos and open the country's first Hard Rock Café.
The developments aim to tap the expected wealth from what until recently was unimaginable for this jungle-covered former British colony: oil.
An Exxon Mobil Corp.-led consortium said last week it has begun offshore drilling after recently discovering at least 3.2 billion barrels of light crude in Guyanese waters. Guyana is projected within a decade to pump nearly a barrel of oil per person a day, more per capita than Saudi Arabia. That makes this poor backwater of 800,000 people -- mostly descendants of African slaves and indentured laborers from India -- a top global energy frontier.
More... http://www.4-traders.com/EXXON-MOBIL-CORPORATION-4822/news/Exxon-Mobil-Eureka-Giant-Oil-Find-Set-to-Bring-Guyana-Startling-Riches-Maybe-26803140/ (http://www.4-traders.com/EXXON-MOBIL-CORPORATION-4822/news/Exxon-Mobil-Eureka-Giant-Oil-Find-Set-to-Bring-Guyana-Startling-Riches-Maybe-26803140/)
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Talk about putting the cart before the horse.
Nothing has been drilled as yet and someone is already counting the money?
Fools game.
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Talk about putting the cart before the horse.
Nothing has been drilled as yet and someone is already counting the money?
Fools game.
The potential has long been known but the action was in Venezuela. Pushed out of Venezuela, some oil companies went next door to Guyana. I believe the oil is there.
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The potential has long been known but the action was in Venezuela. Pushed out of Venezuela, some oil companies went next door to Guyana. I believe the oil is there.
It very well may be, but over 40 years in the industry, much of it in International Exploration, tells me to never count the money before a well is drilled.
Reminds me of a 2 million acre concession Texaco had in Brazil in the 80s where the Brazilian govt announced a major discovery before Texaco had even spudded a single well. When it did drill, it found nothing. The geologist told me that the cores were some of the cleanest sands he has ever seen, and had obviously never had a drop of oil pass by.
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My grandmother used to tell us to "Never count your chickens till the eggs hatch" I think that applies here.