Guyana signs petroleum agreement with US oil Company

Georgetown : The Government of Guyana has signed an Agreement with Anadarko Guyana Company, a wholly owned subsidiary of Anadarko Petroleum Corporation (Anadarko) a United States of America based company to undertake exploration in the deep waters of Guyana’s Exclusive Economic Zone.
Anadarko is among the world’s largest independent oil and natural gas exploration and production companies with approximately 2.54 billion barrels of oil equivalent in proved reserves at year-end 2011.
the signing of the agreement comes at a time when drilling on several fronts have occurred. Only recently a licence was awarded to NABI Oil and Gas Inc. to undertake drilling on the coast of Guyana.
Cabinet has approved a proposal by the Ministry of Natural Resources and the Environment to establish a Petroleum Advisory Board to overlook the Oil and Gas sector, while the Commonwealth Sector is reviewing Guyana’s regulations governing the petroleum sector to make it more investor friendly to ensure Guyana benefits from the opportunities of finding oil.
The government is also collaborating with a number of external partners including the US, Canada, and Trinidad and Tobago to enhance its capabilities in the development of the oil and gas sectors.