39. Guyana – Orinduik Petroleum Agreement

39. Guyana – Orinduik Petroleum Agreement

Guyana - Orinduik & Other discoveries
Guyana – Orinduik & Other discoveries

Inserted April 2019:

https://oilnow.gy/featured/tullow-confirms-guyana-2019-campaign-with-three-well-programme-set-to-begin-in-q2/

Guyana – Orinduik, prospects
Guyana - discovery 13
Guyana Offshore – Discovery nr. 13 – Total reserves now 5.5 billion recoverable
Guyana - Discoveries - Net Sand
Guyana – Discoveries – Net Sand
How much money could (would) Guyana get from its Orinduik Profit Share ?  Based on 2.9 billion BOE (Gross P50) reserves.

From “Rags to Riches”, “a nation that did not expect to win the lotto”, “soon to be the richest corner of South America”.

  1. Petroleum Agreement signed 14th Jan. 2016
  2. One year after Liza giant discovery, May 2015
  3. And 5 months before 27th June, 2016:
  4. When ExxonMobil’s original contract (June 14, 1999) was re-negotiated (though, just few items, as 2% Royalty, instead of 0 %)
  5. Royalty is only 1 %, and, in addition…included in the profit share of the Government (Article 15.6):
  6. wowww…how beautifully negotiated and also obtained…by the IOC…Two-in-one, for one price.
  7. Monthly Profit Oil Share, with increasing production from 50% – up to 60 % (Article 11.4)
  8. 2.9 billion BOE (Gross P50) reserves
  9. This Contract is ” similar ” in many aspects to the ExxonMobil contract.
  10. The royalty is even lower (1% vs. 2%).
  11. Company Total exercises option to acquire 25% Working Interest in the Orinduik Block, offshore Guyana, from Eco Atlantic (Guyana) Inc. (13 September 2018).
  12. WI’s in the Orinduik License will now be as follows: 
  13. Tullow 60% (Operator); Total 25%; Eco Guyana 15%
  14. Question ?
  15. Did Guyana seize this opportunity to negotiate a better, upgraded, ” proven basin ” profit share formula ?
  16. (inserted: Guyana accepted Total’s farm-in end october 2018. Did they upgrade their profit share to proven basin level ???).
  17. Covering at least the intended Total 25% WI farm-in portion.
  18. That still has to be officially accepted and approved by Guyana ?
  19. FYI, my opinion:
  20. Orinduik PA presents similar crucial pitfalls, loopholes and omissions as the ExxonMobil PA.
  21. Analyzed and indicated in various of my blogs and on Linkedin
  22. How much money could (would) Guyana get from its Orinduik Profit Share ?
  23. Based on published Gross P50 reserve numbers
  24. Make your own fiscal – economic runs
  25. If adapted, upgraded to ” Proven Basin PA Clauses “.
  26. Thus, increased profit share formula and royalty (e.g. 6 %)?
  27. How many billions US$ extra in entitlement and profit share ?
  28. With 2.9 billion BOE:
  29. 1% Royalty = X bbls/US$
  30. 6% Royalty = 6X bbls/US$
  31. How many billion US$ does this represent ?
  32. YY or YYY billion US$
  33. Just calculate yourself.
  34. How many (2 digits? 3 digits??) billions US$ you have won / lost….with this deal…
  35. Faîtes vos jeux
  36. Disclaimer
  37. These are solely my own personal musings
  38. To Whom may be interested
  39. To Whom it might be of fair and constructive use
  40. As an independent petroleum advisor
Orinduik License Possible Reserves
Orinduik License Possible Reserves
Orinduik License Possible Reserves
Orinduik Petroleum Agreement
Profit Share
Profit Share
Royalty
Royalty

1. Salsa Dancing and Development of Communication Skills

1. Salsa Dancing and Development of Communication Skills V.070318

Contents

1. Introduction

2. Salsa Dancing into the Social Sciences – Research in an Age of Info-glut. by Kristin Luker

3. Psychophysiological Responses to Salsa Dance. by  Laura Guidetti et al.

4. Why Is Dancing So Good for Your Brain?

5. Benefits of Salsa Dancing

5.1 Benefits from a Social perspective

5.2 Salsa is a great form of exercise

5.3. Dancing for Emotional Well-being

6. Dance Figures (100+)

Universalsa & La Bodeguita: Latin Dance Academy & Club
Universalsa & La Bodeguita: Latin Dance Academy & Club – Our teachers.
Salsa - MCAL
Salsa – book Cesar Miguel Rondon – MCAL

1) Introduction

Explorer ? Geoscientists ? Communication skills, leadership and competencies ? How to enhance them ? ?

A simple, unconventional, tip.
Just (learn to) dance. For example. Salsa and bachata.

In addition to all the physical and psychological benefits, of dancing in general, it helps you to develop your leadership, communication skills and competencies.

Dancefree - Medellin - MCAL
Dancefree – Medellin – Our teachers Edison, Karina, Keren – MCAL

Why ??

Swift dancing is about efficiently, clearly, timely, gently and graciously communicating. Just as you have to do at work and with colleagues.

To do this the male has to show clear leadership and stewardship for the dance figures that he wants to execute. The female partner has to trust his focus and follow his signs.

It is about creating synergy, between the leader and the follower, both in private and in public, with your dance partner/colleague.

I did not get this, what I consider a ” communication skills ” subject and module earlier at school, university or during my executive MBA and M.Sc. Management.

We ventured to learn dancing salsa and bachata, just for fun ? It was one of our long standing wishes to swirl in a most free way, though based on a grounded dance structure, on the dance floor ? Such as by dancing and swinging on the tones of ” Cali Aji ” from Grupo Niche. And ” Oiga, Mira, Vea”  from Orquesta Guayacan, both classic songs and orchestra from Cali, Colombia.

We succeeded…

https://youtu.be/TbefdHhYvN0

https://youtu.be/4KXwgZourtc

“ Bailar es algo que te da vitalidad, que ayuda a expresar emociones, que nutre, que te hace sentir bien y que te eleva “, Sara Martín, famosa bailarina Madrileña de flamenco.

”  All-in-1 Consultant,  Available-to-Serve-You.

For grounded, vintage stewardship to successfully find lots of oil, mineral resources, develop your business and get sustained value for money ?

See <Contact & Contract Me> at marcelchinalien@gmail.com “.

Doei, salu2, ciao, até logo, grüssen, cordialement, salut, добрый день, ajoo, tur kos bon mi dushi hendenan na Switi Sranan i mi famiri na switi Korsou, tan bun allamala !

Salsa & Bachata dancing shoes - Bespoke, handmade, personalised - leather - exclusively by d'Raso, Medellin
Salsa & Bachata dancing shoes – Bespoke, handmade, personalised – prime leather – exclusively by d’Raso, Medellin

With the help of so many excellent end enthusiastic teachers at the salsa schools that now exist in different places on this globe.

Teachers, such as ?

Gilbert, Eva, Annemarie, Farai; Desmond; Edison, Karina, Keren; Navin, Daysi; Cyldra, Vanessa:

Hi all, many Thanks for your classes and patience !

I also discovered that swift dancing intrinsically has to do with clear leadership, stewardship and with following, in a seamless and harmonious way.

Ask your Human Resource department, for a course, for yourself together with your near colleagues ?

To improve communication skills in your group. And to promote teambuilding.

Such as when you have to dance the Cuban ” En Rueda ” salsa figure. Where you must fluently and efficiently communicate and interact fluently with many other colleagues.

” El baile es la poesia hecha con brazos y piernas “.

Enjoy. A bailarrrrr se dijo. Photo:

Salsa, Bachata, Communication skils development
Salsa, Bachata: also Communication skills and Leadership development – SalsaVentura – Our teachers Gilbert, Eva; Annemarie, Farai.

Our ” Graduation Party Salsa dancing “.

SalsaVentura – Teachers Gilbert and Eva.

After many years of daily, weekly hard work, classes, workshops and free dancing. At renowned dance academies in Holland, Dushi Korsou, Colombia etc. etc..

Our teachers - La Bodeguita - MCAL
Our teachers – La Bodeguita – Navin, Daysi – MCAL

2) Salsa Dancing into the Social Sciences – Research in an Age of Info-glut

Kristin Luker is Elizabeth Josselyn Boalt Professor of Law and Professor of Sociology at the University of California, Berkeley. 

Table of contents:

  • 1. Salsa Dancing? In the Social Sciences?
  • 11. Living Your Life as a Salsa-Dancing Social
First LP with Salsa as title - MCAL
First LP with ” Salsa ” as title – MCAL

 

3) Psychophysiological Responses to Salsa Dance

Laura Guidetti1☯, Cosme Franklim Buzzachera2☯, Gian Pietro Emerenziani1, Marco Meucci3, Francisco Saavedra4, Maria Chiara Gallotta1‡, Carlo Baldari1‡* http://www.felecianastevenson.com/uploads/4/3/6/0/43607421/salsapsycho.pdf

These data support that different Salsa dance styles provide physiological stimuli adequate to promote health and fitness benefits, and perhaps more importantly, produce pleasurable experiences, which in turn might lead to an increase in adherence to Salsa dancing which likely provides exercise-like health benefits.

Salsa & Bachata dancing shoes - Bespoke, handmade, personalised - leather - exclusively by d'Raso, Medellin
Salsa & Bachata dancing shoes – Bespoke, handmade, leather and personalised with initials – Mis ” Coca Colo’s ” classics, made exclusively by d’Raso, Medellin.

4) Why Is Dancing So Good for the Brain of an Oil Explorationist ?

https://www.psychologytoday.com/blog/the-athletes-way/201310/why-is-dancing-so-good-your-brain

Dancers maximize cognitive function and muscle memory through practice.
Dancing improves brain function on a variety of levels. Two recent studies show how different types of practice allow dancers to achieve peak performance by blending cerebral and cognitive thought processes with muscle memory and ‘proprioception’ held in the cerebellum. Through regular aerobic training that incorporates some type of dance at least once a week anyone can maximize his or her brain function.
IMG_3636 - Salsa & Bachata
” Dancing The Dream “. Salsa & Bachata – 2018 – Official photoshoot in La Bodeguita Dance Academy & Club. Sollicited by and as our own contribution to the national health campaign promotion of GGD, Municipal Health Services, The Hague. Photoshoot by www.lodewijkphotography.com

5) Benefits of Salsa Dancing

http://www.dancingfever.co.uk/benefits-of-salsa-dancing/

Salsa dancing is completely inclusive and is suitable for anyone regardless of age, or level of ability. There is also a fantastic range of benefits gained from this dance. Music and dance have been a part of many different cultures for centuries. It has always been a part of celebration, ritual, exercise, communication and pleasure and whether they knew it or not way back when the dancing began, the health benefits were, and still are enormous!

5.1 Benefits from a Social perspective

Latin dance is a great way to develop new social relationships. In Latin America, Salsa dancing is a massive part of the culture and its social life. Within an established class setting, if the group of students are always the same, a natural understanding develops over time. Based on the fact of exercising together people discover an instinctive way to communicate with body language. Dancing is actually a way to express feelings, emotions, personality, thoughts, and is consequently a very direct instrument to develop new friendships. If the group is harmonic, it often happens that people decide to go out together to a Salsa event or other places other than the regular classes. Come along, make new friends and see new places!

Salsa - Salsaventura - 2017
Salsa – Salsaventura – 2017

5.2 Salsa is a great form of exercise

Salsa dancing is a unique form of exercise because it provides the heart-healthy benefits of an aerobic exercise while also allowing you to engage in a social activity.

Salsa Dancing;

– Builds endurance and stamina
– Helps with weight loss (Salsa Dancing on average Burns off 420 + calories per hour).
– Dancing can burn more calories an hour than riding a bike or swimming.
– Relieves stress
– Helps you release toxins
– Greatly increase your overall fitness and general well being
– Can lead to a reduced heart rate over time

Salsa - Salsaventura - 2017
Salsa & Bachata – Fina Dance Art Academy – Curacao – 2016

5.3 Dancing for Emotional Well-being

 ” El baile es la poesia hecha con brazos y piernas “.

Salsa dancing has been found to be a very good anti-stress therapy. Through dance an individual can release tensions, worries, and negative feelings. Dancing is great for overcoming shyness and as you realise that you are able to reproduce steps that seem so hard at the beginning, this becomes a fantastic boost in self-esteem. As a consequence of this, the body relaxes, and movements become lighter and more fluent.

Dancing in general has been found to be especially stimulating to the mind; this has been concluded by the New England Journal of Medicine who in their research found dancing can reduce the risk of Alzheimer’s disease and other forms of dementia in the elderly.

Within this study, it was found that participants who were over the age of 75 who engaged in reading, dancing and playing musical instruments and board games once a week had a 7 percent lower risk of dementia compared to those who did not. In addition to this it was discovered that the participants who continued in these activities at least 11 days a month had a 63 percent lower risk!

“Dancing may be a triple benefit for the brain. Not only does the physical aspect of dancing increase blood flow to the brain, but also the social aspect of the activity leads to less stress, depression and loneliness. Further, dancing requires memorizing steps and working with a partner, both of which provide mental challenges that are crucial for brain health”. Varghese, J

Salsa & Bachata dancing shoes - Bespoke, handmade, personalised - leather - exclusively by d'Raso, Medellin
Salsa & Bachata dancing shoes – Bespoke, handmade, leather, personalised – exclusively by d’Raso, Medellin

6. Dance Figures

Some of the hundred plus figures of Los Angeles and Cuban salsa styles that you may want to master.

  1. Mambo – Basic step
  2. Rumba – Side step
  3. Mambo with Rumba
  4. Right turn
  5. Right turn with open-break
  6. Cross body lead (CBL)
  7. Left turn
  8. Basic, CBL, Right turn
  9. Around the neck
  10. Back to back
  11. Copa + inside
  12. Hand throw during Copa
  13. Wrap behind the back
  14. Basic in the middle
  15. Check
  16. Copa and hook turn
  17. Copa
  18. Double handed right turn
  19. Hand throw
  20. Hook turn in the CBL
  21. Inside turn
  22. Inside, outside
  23. Inside, right
  24. Inside, switch, right
  25. Just as dealing cards
  26. Just let the right go
  27. Left turn and walk
  28. Left, right, right
  29. Outside turn
  30. Outside with one hand wrapped behind
  31. Right arm up, left arm up
  32. Right turn with arm styling
  33. Right turn with hand change
  34. Right, right, right
  35. Slide down on her arm
  36. Titanic
  37. Turn and hug
  38. Two turns for the guys
  39. Walk around her basic
  40. Open and close
  41. The Hammer bridge
  42. Brush into inside turn
  43. Check and pull
  44. Coca Cola
  45. Copa + inside or outside
  46. Double drop and catch
  47. Drop catch rainbow
  48. Elbow hook and and left turn
  49. Fake double inside turn
  50. Fast point
  51. Zapatos a la medida - d’Raso, Medellin
    Zapatos a la medida – d’Raso, Medellin
  52. Hands behind the back
  53. Hook turn and check
  54. In-rotation change hands
  55. Inverse check
  56. Just under the shoulder
  57. Cross Body Turn Plus
  58. Double Right turn R-R and R-L
  59. Mambo together – Butterfly
  60. Mambo together – Shoulder check
  61. Mambo together – SRT lady – SRT gent
  62. Mambo together – SRT lady
  63. Mambo together – Basic Step
  64. Mambo together – Basic Step and CBL
  65. Mambo solo – Suzy Q
  66. Mambo solo – 3 taps
  67. Mambo solo – SLT
  68. Mambo solo – SRT
  69. Mambo solo – Basics
  70. Mambo together – SRT lady – SRT gent
  71. Salsa Solo Cross Pass on 2 and 3
  72. Salsa Solo Marching
  73. Salsa Solo 4 Basic Steps
  74. Salsa Together – Show the World
  75. Salsa Together – Copa – Enchufa 1,5 SLT gent
  76. Salsa Together – Copa – Enchufa – Paperclip
  77. Salsa Together – Copa Parallel
  78. Salsa Together – CBL + DRT R_L
  79. Salsa Together – Double Right turn R-R and R-L
  80. Drop and Catch Paperclip_1
  81. Salsa Solo Suzy Q
  82. Salsa Shine – Half Flair
  83. Salsa Shine – Full Flair
  84. Salsa Together – Cross Body Plus
  85. Lead with inside turn
  86. Cucaracha
  87. Basic with Heel kick
  88. Rotating Basic
  89. Cumbia
  90. Enchufla
  91. Dile que no
  92. Guapeando
  93. Adios con la hermana
  94. Candado
  95. Candado P’arriba
  96. Ronde Kentucky
  97. Se fue, el uno
  98. Se fue, el dos
  99. Exibela
  100. Doce
  101. Zapatos a la medida - d’Raso, Medellin
    Zapatos a la medida – d’Raso, Medellin
  102. Setenta complicado con gancho
  103. Setenta y Nueve
  104. Ochenta y Ocho
  105. Noventa
  106. Cruce
  107. Tornillo
  108. Juana la Cubana
  109. Remolino
  110. Besito
  111. Abrazala
  112. El Salao
  113. Dedo de Lazaro
  114. Pasea arriba y complica
  115. Bebe
  116. La Jenny
  117. Thalia
  118. Niagara
Salsa & Bachata - Fina Dance Art Academy - Curaçao 2016
Salsa & Bachata – Fina Dance Art Academy – Curaçao 2016

Continue reading “1. Salsa Dancing and Development of Communication Skills”

17. Guyana Giant Offshore Petroleum Potential

Guyana Basin - Offshore - MCAL
Guyana Basin – Offshore – MCAL

17. Guyana Giant Offshore Petroleum Potential – V.200618

http://news.exxonmobil.com/press-release/exxonmobil-announces-eighth-discovery-offshore-guyana

@ 20th June 2018 # Breaking News Oil Discoveries

Guyana Discoveries & Prospects – MapStand Ltd. 2008

Inserted April 2019 (published data from Linkedin):

Guyana – Orinduik, prospects

Contents:

1. Comments – Birth Announcement of a Massive Oil Region: on behalf of ” Guyana Basin ” – by Marcel Chin-A-Lien

2. “To Whom it May Concern” – Marcel Chin-A-Lien.

3. Suriname sluit produktiedelings contracten af met ExxonMobil en Statoil, Blokken 59 en 60.

4. ExxonMobil, with Statoil has now also moved into prospecting the Suriname area.

5. Map Suriname Offshore and Onshore Blocks

6. Map Inferred Jurassic Source Rock

7. Map Canje Formation Source Rock (Time equivalent / ” Cousins” of Cenomanian La Luna, Querecual, Naparima Hill Formations)

8. Is Guyana Giving Birth To A New Massive Oil Region? July 31, 2017

9. Guyana Basin, basin floor fans (Liza, Payara)

10. Discovery number 8 – Longtail 1 well

11. Discovery number 9 – On waiting list of 2018: Hammerhead @ 30 aug. 2018 Discovery.

Discovery number 10 – Waiting list 4Q 2018.

Discovery Pontonoe-1 in Suriname @ october 2018?

12. Eco – Orinduik Reserves – sept. 2018

1) Comments Marcel Chin-A-Lien:

In december 2009 I presented ” New Outlook for the Suriname NW Offshore ” in a congress in Trinidad. With the variety of leads, prospects, play types in tandem with the newly designed license areas (Energy Caribbean 2009 Conference, Trinidad, 7-8 December 2009).
This as a sound, comprehensive scientific subsurface and business playground basis. To promote the high prospectivity of offshore Suriname. As part of the strategy and continuous effort of Staatsolie since long ago.

I had the great privilige to serve Staatsolie for an extended period. Herewith also obtaining the opportunity to contribute to Suriname. Where the roots and history of my grandparents, parents, family and therefore also mine are located.

The presentation was based on my own grounded re-interpretation, re-evaluation and integration of all previous subsurface reports and information of the multinationals. Resulting in a whole both new and positive outlook on the petroleum potential of NW offshore.
Novel and repetitive high impact leads, traps, prospects, play types and mini basins were unveiled, mapped and highlighted.
The presentation and its content, at the 2009 Caribbean Oil Conference in Trinidad, fortunately was rated by the attendees as excellent (up to brilliant).

Soon following IOC’s, such as Tullow showed tangible interest in urgently obtaining certain areas presented. Especially after I promoted and discussed the prospects on my workstation with their exploration manager. These were negotiated and diligently signed with PSC’s. In-house Staatsolie, previous to the negotiations we had already analysed, determined and fenced the level playing landscape with the boundaries for the PSC clauses and work program we wished to obtain. This within others based on the size of the prospects and an accompanying valuation and cash flow modelling of the expected petroleum volumes of the prospects.

The present day licensed area covers also the north-eastern part. The Demerara High (some 40,000 km2), since long forgotten and mainly neglected because of 4 dry holes. Such as well Demerara A2-1 drilled 39 years ago, in 1978.

Following my interpretation of the petroleum potential of this area with the 2D available, I created awareness, promoted and presented it in Staatsolie to the BOED. In an effort to obtain budget for a modern 2D survey. Following I designed the specifics for the acquisition area, program and for the processing sequence. This was later acquired and executed.

It is now an authentic joy to see that the whole area, promoted since 8 years ago in Trinidad, is now under license covered by 12 IOC’s and covering more than half of the offshore area of 180,000 square km.

This thanks to the diligent, intelligent, continual updating, upgrading and pro-active promotion of offshore, by the very competitive group of professionals and specialists in Staatsolie.

A real big achievement. Congrats. Fersteri !

Based on the unique petroleum system(s) in this basin, I can only be convinced that the Guyana Basin is an awakening oil giant.
Clearly evidenced by the recent giant elephant discoveries of ExxonMobil in nearby Guyana.

” Birth Announcement ” of a Massive Oil Region: on behalf of ” Guyana Basin “.

In 1965 Guyana Basin proudly announced the birth of its first giant field in onshore Suriname:

Name: Tambaredjo.

Weight: Billion barrel oil field

Parents: Geological and Mining Service (ir. Hugo Coleridge). And Miocene sands at a depth of 150 – 180 metres.

Place: Tambaredjo, Calcutta, Saramacca district, Suriname.

Time: 13 October, 1965.

Details:

Discovered by accident while prospecting for water (….very sorry about that big mistake….).

Carrying out a water-drilling project to supply water to a nearby school and village (….our sincere excuses…but…unfortunately we found a giant oilfield….instead of the clean and abundant water we promised you all….).

Birth of its second and third giant fields was announced by the arrival of Guyanese twin-sisters Liza and Payara. In 2015 and 2017.

The continuing story of the whole Guiana-Suriname basin will certainly  involve many more giant discoveries in the near future.

Brothers, sisters, cousins and nephews of Mr. Tambaredjo, Mrs. Liza and Mrs. Payara.

Such as also in switi Sranankondre.

Guyana Basin, since 1965 slowly awakening, since 2015 accelerating and entering a new, prosperous and exiting booming petroleum cycle.

The big petroleum show is poised to go on.

2) To Whom it May Concern

Sranankondre?

Srananman, ala mala pasensi, nog ff, next december ?

Bigi pokoe en kaseko op Vrijheidsplein, wowww !

Waarde neef Errol, fa waka?

Begin s.v.p. alvast een mooi olie ontdekkingsliedje te componeren. En reserveer ook een datum voor de primeur tijdens het optreden met je gezellige band. Thx in advance.

South South West!

Deel van mijn recente antwoord – email aan mijn zeer lieve oude tante in Switi Sranan: over olie:

Lieve tante,

Om uw vraag te beantwoorden.

Het grote oliefonds waar u het over heeft in uw email. Dat ik u indertijd in 2009 had voorspeld, de olie ?
Terwijl het gras groeit sterft het paard, schrijft u zo vrolijk ?

Die komt zoals eerder beloofd nu wel heel spoedig.
Misschien wel samen met Sint en Piet, dit jaar nog dus, hopelijk:
Maar alles eerst keurig op een rijtje.
Eerst de grote olie Vondst.
Daarna het grote olie Fonds (….oliefonds, waar u het over heeft).
All-In, All-2-You, dus met al het goede en ook de verhoogde AOW, die erbij hoort.
Voor ala Sranansma na switi Sranankondre.

Ik ben slechts een hele simpele exploratie petroleum geoloog.
Die voortdurend snuffelt naar olie, al 40 jaar lang, op 4 continenten.
Dus wat ik zeg, schrijf en beweer is niet zomaar uit de lucht gegrepen.
Niet gegrepen uit de hedendaagse iCloud.
Maar gelukkig gebaseerd op grondige bestudering en op feiten.

Die reuze olie vondst in Sranankondre is zeer zeker op komst.
Nog ff pasensi tante.

Ik hoop dat in december ala Sranansma bigi pokoe en kaseko kunnen gaan dansen.

Ala sma. Zelfs die met bigifutu.
De bigisma, de bigiman’s, de bigitaki’s, de bigifisi’s, de bigifasi’s, de bigimemre’s, de bigidoin’s, de bigidagu’s, de bigi-ai’s, de bigi taki’s.

Gezamenlijk en gebroederlijk met de bigi-popokaisneki, bigitodo, bigi-watradagu, op bigibigi dei.

Op het Vrijheids plein. Voormalig Gouverneurs plein.
En tevens op Bigiwowoyo.
Bigiyari, srefsrefi.
Bigiyari.

Lieve tante,
Zet uw kotomisi maar alvast klaar.
Voor de bigi konfriyari, fesadei en opo opo fesa.
Om de olie ontdekking te vieren.Suriname.

Oli.

Made in Sranankondre, by Canje Formation.

Overigens, Guyana ? Poti sma ??

Zoals men aldaar pleegde te zeggen over de naaste buren ??
Fos’fosi, fosten. Voor 2015.

Tachtig (80) miljard US$ gross is Guyana’s recente reuze olie vondst waard.
Tachtig maal het jaar budget waar de Surinaamse regering en haar ministeries over beschikken voor switi Sranan, per jaar.

Guyana? Poti sma ?
Fos’fosi, fosten. Voor 2015.

Suriname?
Binnenkort, nog ff pasensi tangitangi.

Poti sma nanga poti Kondre??
Fos’fosi, fosten.
Voor 2018.

Tan bun ala famiri, God Bless You All.
Brief van MCAL aan zijn lieve, oude tante C.”

Suriname - Made - Canje Fm Olie - MCAL
Suriname – Made – Canje Fm Olie – MCAL

3) Staatsolie sluit produktiedelings contracten af met ExxonMobil en Statoil, Blokken 59 en 60.

From:http://www.worldnieuws.com/category/dagblad-suriname/ – 13 juli 2017

Staatsolie Maatschappij Suriname N.V. heeft op 13 juli 2017 productiedelingscontracten afgesloten voor twee offshore-blokken. Voor Blok 59 is een overeenkomst getekend met een consortium bestaande uit de oliemaatschappijen ExxonMobil, Hess Corporation en Statoil. Met Statoil is een contract getekend voor Blok 60.

De overeenkomsten zijn het resultaat van Staatsolies ‘Open Door Policy Offshore Suriname’, die liep van 15 september 2015 tot en met 7 september 2016. Gedurende deze periode konden internationale oliebedrijven een bod te doen op open offshore-blokken. Op basis van de vastgestelde criteria zijn de blokken 59 en 60 toegewezen aan respectievelijk het consortium en Statoil. De onderhandelingen met partijen zijn medio oktober 2016 gestart.

De overeenkomsten gelden voor dertig jaar. De contractduur is opgedeeld in een exploratie-, ontwikkelings- en productieperiode. Voor de exploratieperiode is er een minimumwerkprogramma overeengekomen, waarbij onder meer geologisch onderzoek, seismische datavergaring en exploratieboringen zullen worden verricht. Alle kosten in de exploratiefase zijn voor rekening van het consortium respectievelijk Statoil en worden pas terugbetaald nadat zij een commerciële ontdekking doen en die ook in productie brengen. Het contract biedt Staatsolie de mogelijkheid om tot maximaal tien procent te participeren in de ontwikkelings- en productiefasen.

In de productiedelingscontracten is nadrukkelijk aandacht besteed aan inspectie, veiligheid en het milieu. Eveneens zijn er voorzieningen opgenomen voor werkgelegenheid voor lokaal kader, trainingen, sociale programma’s en de wijze waarop de ontmanteling van faciliteiten aan het einde van de petroleumactiviteiten zal plaatsvinden.

Foto: Namens Staatsolie ondertekende Managing Director Rudolf Elias beide contracten. Voor het consortium tekenden Erik Oswald (ExxonMobil), Timothy Chisholm (Hess) en Martijn Smit (Statoil). De overeenkomst voor Blok 60 werd ook door Smit namens Statoil getekend.

Blok 59 is ongeveer 11.500 km2 groot en ligt ongeveer 400 kilometer uit de kust, in waterdieptes van meer dan 1900 meter (ultradiep). Blok 60, met een oppervlak van 6.200 km2, ligt ongeveer 250 kilometer uit de kust, in waterdieptes van 800 tot 1900 meter.

Het Amerikaanse ExxonMobil is het grootste beursgenoteerde olie- en gasbedrijf in de wereld met activiteiten in verschillende delen van de wereld. ExxonMobil heeft samen met haar partners recente, grote olievondsten in Guyana gedaan. Hess Corporation is een groot, onafhankelijk energiebedrijf actief in verschillende landen. Hess heeft samen met haar partners in Guyana de grote olievondst Liza-1 gedaan. In Suriname heeft Hess reeds een belang van 33,3 procent in Blok 42.
Statoil is het staatsoliebedrijf van Noorwegen dat is uitgegroeid tot een multinational actief in exploratie, productie, raffinage en verscheping van olie en gas. Statoil heeft sedert januari 2014
reeds een belang van 50 procent in Blok 54.

4) ExxonMobil, with Statoil has now also moved into prospecting the Suriname area.

An ExxonMobil Corp.-led group and Statoil ASA have been chosen to respectively operate two blocks offshore Suriname.

ExxonMobil Exploration & Production Suriname BV, along with partners Statoil and Hess Corp., have signed a production-sharing contract with Suriname’s state-owned Staatsolie Maatschappij Suriname NV for the 11,500-sq-km deepwater Block 59. ExxonMobil will serve as operator.

Block 59 is 305 km offshore Paramaribo in 2,000-3,600 m of water. It shares a maritime border with Guyana, where ExxonMobil is operator of three offshore blocks, including the one that holds Liza field, where the firm last month made a final investment decision on the first phase of development (OGJ Online, June 16, 2017).

Block 59 also is next to Suriname’s Block 42, where Hess, a Liza partner with ExxonMobil, already has 33.3% interest and Kosmos Energy Ltd. is operator.

Block 59 partners are preparing to begin exploration activities, including acquisition and analysis of seismic data. ExxonMobil, Hess, and Statoil each hold a third of the block’s interest.

Statoil separately signed a PSC with Staatsolie for the 6,200-sq-km Block 60. It lies 250 km offshore in 800-1,900 m of water and is next to Suriname’s Block 54, where Statoil already has 50% interest and Tullow Oil PLC is operator. Block 54 is the site of the Araku prospect on which drilling is planned for this year’s second half. The prospect is a large structural trap that has an estimated resource potential of 500 million bbl of oil.

The agreements for Blocks 59 and 60 are part of Staatsolie’s “Open Door Policy Offshore Suriname,” which took place from September 2015 to September 2016 and allowed bidding from international oil companies. The agreements are effective 30 years.

As part of the contracts, the firms during the exploration phase will pay all costs, which only will be reimbursed if a commercial discovery is made and brought into production. Staatsolie has the option to participate for up to 10% in the development and production phases.

Note: All my inserted figures and maps are taken from published open files on Internet, such as from Staatsolie.

5) Map Suriname Offshore and Onshore Blocks

Suriname - ExxonMobil block - MCAL

Suriname – ExxonMobil block – MCAL

Tullow - oct. 2018
Tullow – oct. 2018

6) Map Inferred Jurassic Source Rock

Map & info from Staatsolie internet publications.

Suriname - Inferred Jurassic SR. - MCAL
Suriname – Inferred Jurassic SR. – MCAL

 

7) Map Canje Formation Source Rock (Time equivalent / Cousins of, La Luna, Querecual,       Naparima Hill Formations)

 Map & info from Staatsolie internet publications

Suriname - Canje Fm. - MCAL
Suriname – Canje Fm. – MCAL

Article taken from:
Contact Matt Zborowski at matthewz@ogjonline.com.
http://www.ogj.com/articles/2017/07/exxonmobil-statoil-to-operate-blocks-59-60-off-suriname.html

8) Is Guyana Giving Birth To A New Massive Oil Region?

Ricardo Martinez Monday, July 31, 2017 – 12:30pm
Suriname, Guyana, ExxonMobil, Liza, offshore, oil and gas, Payara
With the success of ExxonMobil’s Liza discovery, Guyana and Suriname are on E&Ps’ radars again. (Source: Shutterstock.com) 3,726 330

Up until recently, Guyana and Suriname were practically out of the oil and gas industry’s radar in spite of their proximity to oil reserve-rich Venezuela. But that quickly changed in 2015 when ExxonMobil’s (NYSE: XOM) joint venture spotted massive reservoirs in its Guyana offshore acreage. Its Liza discovery made headlines beyond oil and gas media outlets.

On top of that, the American oil giant recently snagged a new deepwater block along with Hess Corp. (NYSE: HES) and Statoil (NYSE: STO) off Suriname’s coast, which is along a maritime border where Guyana blocks have already proven world class potential.

Combined, these recent developments are what some call the birth of a new oil region—the Guyana-Suriname Basin—with never before seen assets that could easily outpace other developments in the Caribbean, including economically sunk Venezuela.

On July 25, with partners Hess and CNOOC, ExxonMobil announced a new find at its Liza Field on top of the originally estimated 1.5 billion barrels of oil equivalent. Analysts have long expected the consortium’s exploration program at Liza to be highly successful, but this new well proves there are plenty of untouched riches available for other industry players in the future.

Around the corner from Guyana’s prolific Stabroek Block with 6.6 million acres—the country’s crown jewel—is Block 59, the Suriname gem with 2.8 million acres. The potential of Suriname’s blocks is still unknown, but the fact that operators are digging in as Liza pours oil out offers plenty hope.

 ” Inserted note Marcel Chin-A-Lien

   To who may be interested.

” Birth Announcement ”  of a Massive Oil Region: on behalf of ” Guyana Basin “.

In 1965 Guyana Basin proudly announced the birth of its first giant field: Tambaredjo giant field, onshore Suriname.

Parents: Geological and Mining Service. And Miocene sands at a depth of 150 – 180 metres.

Place and time: Tambaredjo, Calcutta, Saramacca district, Suriname. Year 1965.

Discovered by accident while prospecting for water (….very sorry about that big mistake….).

Carrying out a water-drilling project to supply water to a nearby school and village (….our sincere excuses…but…we found a giant field… instead of the clean and abundant water we promised you all….).

Subsequent birth of its second and third giant fields was represented by the Guyanese twin-sisters Liza and Payara. In 2015, 2017.

The continuing oil story will probably involve many more giant discoveries in the near future.

Brothers, sisters, cousins and nephews of Mr. Tambaredjo, Mrs. Liza and Mrs. Payara.

Such as in switi Sranankondre.

Guyana Basin, since 1965 slowly awakening, since 2015 accelerating and entering a new, prosperous and exiting booming petroleum cycle.

9) Guyana Basin, basin floor fans

Guyana - Berbice Canyon and Basin Plain - Gustavson Associates 2008 - Fig 4-9 - MCAL
Guyana – Berbice Canyon and Basin Plain – Gustavson Associates 2008 – Fig 4-9 – MCAL

10) Discovery number 8: Longtail 1 well @ 20th June, 2018

http://news.exxonmobil.com/press-release/exxonmobil-announces-eighth-discovery-offshore-guyana

11) Discovery number 9: On the waiting list, soon, 2018.

12) Eco – Orinduik Reserves

Eco - Reserves - 9/2018
Eco – Reserves – 9/2018

 

 

 

14. Guyana – IMF helping Government

Guyana
Guyana

IMF - Guyana - MCAL
IMF – Guyana – MCAL

 

14. IMF helping Government – V.010817

Guyana is presently experiencing and witnessing the Black Gold Rush.

These posts illustrate what is going on in this country in the process to prepare itself for the oil boom period. And its efforts to transform in an oil-curse-proof country, such as with the help of IMF.

Contents (3):

1. IMF helping Guyana build capacity to manage oil proceeds

2. IMF encourages Guyana to improve public procurement

3. How much money would Guyana receive from ExxonMobil’s offshore oil production? – Marcel Chin-A-Lien – 29 July, 2017

1) IMF helping Guyana build capacity to manage oil proceeds

July 21, 2017 - www.kaieteurnewsonline.com

With Guyana shifting into position to start oil production in 2020, its ability to properly manage the proceeds is expected to see a significant boost, now that the International Monetary Fund (IMF) is here to provide a helping hand.

Minister of State Joseph Harmon, during the weekly post-Cabinet press briefing at the Ministry of the Presidency in Georgetown, told media operatives yesterday that the team is here providing technical assistance and advice to government with regards to building capacity to manage the monies that will come from the sector.

The delegation, he said, came here following a request made to the organisation by the Finance Minister, Winston Jordan.
Harmon said that Cabinet met the team recently and was informed of the delegation’s mission here.
The Minister said that the Mission Leader informed government that Guyana had become eligible for assistance from the IMF under a donor-funded trust fund.

The team is also expected to carry out a scoping assessment of government’s policy direction.
That assessment, Harmon explained, will enable the IMF to determine the areas in which assistance could be provided.
The Minister noted also that the team will meet with persons and agencies involved in managing revenues from the sector.
Further, a note providing the details of the IMF assessment and forms of assistance will be presented to the government at the end of the mission.

The team’s presence here would come three months after the Executive Board of the IMF concluded its Article IV consultation with Guyana.
Under this article, the organisation holds bilateral discussions with members usually every year, where a staff team visits the country, collects economic and financial information, and discusses with state officials the country’s economic developments and policies.
On return to headquarters, the staff prepares a report, which forms the basis for discussion by the IMF’s Executive Board.
The IMF Directors upon reviewing that compiled report, lauded the government’s plans to establish a comprehensive framework for managing its upcoming oil wealth, and stressed the importance of having a transparent and rules-based framework in place before production begins.

The IMF is an international organization comprised of 189 countries working together to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.

2) IMF encourages Guyana to improve public procurement – Jul 23, 2017 News 0 Comments

The International Monetary Fund (IMF) is encouraging the government to bring its procurement

Finance Minister, Winston Jordan

systems in line with international best practices so as to enhance the quality of public investment.
The global body made this statement in its 2017 report on Guyana’s economy.
According to the IMF, enhancing the efficiency of public investment management could help foster economic growth. It noted that public investment has been relatively low for the past two years. The IMF believes that this is due to the 2015 elections, and delays in the procurement and execution of projects in 2016.

It said, “This has been a drag on construction, with spillovers to other sectors. It is therefore important to avoid similar delays in 2017. Bringing project selection, public procurement and investment management in line with international best practices would enhance the efficiency, timeliness and quality of public investment, including through Public Private Partnerships (PPPs).”
In the near term, the IMF said that the government could help to unlock additional external concessional financing, reduce domestic financing needs and bring foreign exchange into the economy.

The officials noted that the IMF’s Public Investment Management Assessment (PIMA) could help streamline the appraisal, selection and execution of projects. So far, the Government has expressed an interest in that assessment.

Perceptions of corruption and favouritism have for years, sullied the image of Guyana’s public procurement system.
However, the APNU+AFC Government and top officials at the National Procurement and Tender Administration Board (NPTAB) have made it clear that while there remains room for improvement, they are very satisfied with the progress they have made in arming the system with effective anti-corruption mechanisms.

This was supported and reiterated by NPTAB Head, Berkley Wickham.
Wickham had informed this newspaper on some of the key initiatives and interventions made since he assumed office as Chairman of the NPTAB.

He said that every initiative or intervention undertaken thus far was aimed at changing the long held perception of a tainted public procurement process.

NPTAB Head, Berkley Wickham

The difficulty of this task was never underestimated but its success is rooted in the need to achieve transparency, accountability, fairness, integrity and efficiency, he added.
The NPTAB head said, “We are not there yet but significant advances have been made. Some of these are increases in the Threshold limits for Regional, Ministerial/Agency Tender Boards; work in progress in developing debarment procedures; the Bid Protest Committee has been established and is functional; The Public Procurement Commission has been established; and we have been an active participant in the Task Force for the development of the Caricom Public Procurement Regime”

Wickham said that NPTAB has also been working with the Ministry of Business to facilitate the participation of small businesses and women owned businesses in the Public Procurement process.

Pursuant to Section 17 of the Procurement Act 2003, Wickham said that the National Procurement and Tender Administration Board has been organizing training in public procurement.

The existing legislation does not provide for e-procurement, he added. He said that an upcoming legislation review will provide for this.
He promised, too, that a debarment procedure will be fashioned for implementation.
The NPTAB Head said, “There was further training in February in contract compliance and management. We have been very busy this past year. In my opinion, we are poised to take procurement out of a long period of stagnation.”
Wickham said that moves are being made to ensure that the Procurement system is elevated onto a pathway where electronic government procurement is the major tool to build a world class procurement process in Guyana.

Additionally, at a national consultation on Caricom Single Market and Economy (CSME) Public Procurement System requirements, Finance Minister Winston Jordan had outlined that a number of changes are in the pipeline.

The Finance Minister said that under the Public Procurement Modernization Project, for which funding has been provided by the Inter-American Development Bank under a Technical Cooperation Agreement called Public Procurement Modernization and Financial Management Strengthening in Guyana, Component One will provide support to improve efficiency and value for money in public procurement through strategic planning and introduction of e-government procurement.

He said that the successor initiative by the CSME is Development and Implementation of the Infrastructure and Instruments for an Integrated CSME Procurement Regime.
Jordan said that the deliverables include the Procurement Bill and Regulations, Procurement Software and Hardware Installation, Development of Training modules and the ability to roll out these modules online.

3) How much money would Guyana get from ExxonMobil’s offshore oil production ?

Assuming that the ExxonMobil PPL contains the same articles as the PPL with CGX.

This is a simple estimate of the monies involved. But it gives a fair idea of what everyone wants to know.

Precise data can be obtained by making a full economic analysis.

Assumptions are:

A gross oil production volume of 1,5 billion barrels, average production of 160 million/day during 13 years, oil price US$ 50 / barrel, Capex-Opex 11 billion US$, initial production in 2020:

Total oil revenue would be some 75 US$ billion.

Total profit oil is 68 billion US$.

Guyana Government profit share is some 36 billion US$. This amount would be received in the period 2020 – 2033.

Payout is successful in about 4 years.

The economics of the Liza – Payara – Snoek giant fields development is thus highly profitable, with an IRR exceeding 100%.

Marcel Chin-A-Lien – Advisor Petroleum Exploration & Production, Business-Commercial-Policy Development, PSC’s.

” FYI:

All-in-1, Available-to-Serve-You.

For grounded, vintage stewardship to successfully find lots of oil, develop your business and get sustained value for money ?

Contact & Contract Me at marcelchinalien@gmail.com ”

13. Guyana Offshore – CGX back in game

Guyana - Berbice Canyon and Basin Plain - Gustavson Associates 2008 - Fig 4-9 - MCAL
Guyana – Berbice Canyon and Basin Plain – Gustavson Associates 2008 – Fig 4-9 – MCAL

13. Guyana Offshore – CGX back in game – V.290717

Contents (4):

0. Arrangement (Petroleum Prospecting License) of Guyana with CGX and ExxonMobil – My note -July 28, 2017

1. CGX back in the game; looking to drill 6 wells over next 2yrs offshore Guyana – from Oil Now – April 23, 2017

2. CGX Energy to restructure debt ahead of future oil exploration in de-risked Guyana basin – from Business News – May 2, 2017

3. CGX acreage, prospects, leads map – from CGX Energy Inc. – July 2017

4. http://www.cgxenergy.com/cmsAssets/docs/analysts/Tudor%20Pickering%20Holt%20Co%20International%20LLP/TudorPickeringHoltCo-TheGuianas-Mar18-11.pdf

0) Arrangement (Petroleum Prospecting License) Guyana Government with CGX and ExxonMobil.

The contents of the arrangement that the Guyana Government in 1999, has signed and apparently recently renegotiated with ExxonMobil, has never been published.

Therefore there is a lot of uncertainty and public discussions on transparency going on regarding this important item.

This to know how much money Guyana would get from its offshore production.

Previously, in 1998 Guyana signed an arrangement (PPL) with CGX.

My educated-guess is that the arrangement signed with ExxonMobil in 1999 could resemble the arrangement signed previously with CGX.

The contents of this PPL can be found by researching Internet publications.

The Petroleum Prospecting License (PPL) was signed between CGX Energy,Inc.(Company) and the Government of Guyana (Government) on June 24, 1998.

The main articles are:

Cost recovery production allocation is as follows.

Maximum Cost Recovery is 75% during the first 3 years, afterwards 65%.

Profit Oil Split (Developer Share): During the first 5 years, 50% for the first 40,000 b/d. And 47% for Production above 40,000 b/d. After 5 years, 45 % for all production.

The Developer does not pay income tax. The PPL provides that the income tax is paid from the Government’s share of the profit oil.

The Company has an exemption from VAT, exercise taxes, duties, fees, levies and from property tax.

The Company does not pay royalty. This is considered to be included in the Government’s share of profit oil.

Training expenses of US$ 40,000 per year are required, only during the exploration period. These are qualified as exploration expenses.

Annual license rental payments of US$ 40,000 per year are required during the exploration and production period.

In my opinion this represents a very good deal (arrangement) for the Company.

And a rather ” inconvenient deal ” for the Government.

Tip that can benefit a country with billions of US$:

Always be so diligent to first design, negotiate and only later sign your own PSC.

Customised with those clauses and articles you wish to have.

Consult e.g. with a clever and seasoned PSC and E&P specialists and advisors with worldwide experience. Once signed it is extremely difficult to change and adapt it substantially.

From what I perceive from publications the Government did recently renegotiate the original PPL with ExxonMobil and obtained somewhat better conditions.

Including a royalty and a 50% – 50% overall share.

One would assume that the original 1999 PPL was rather favourable for ExxonMobil. Given that it was signed in a period when there was relatively little interest of IOC’s in offshore Guyana.

As is usual in such cases and in high risk, still non-oil-proven basins, it is to be assumed that Guyana has granted rather favourable (“soft”) conditions to ExxonMobil. In order to attract exploration investments with a clear work program, including seismic and drilling.

Now that it has become a proven basin, it is a different ball game.

Contracts with new entrants could be negotiated with a much better share for Guyana.

By focussing on items such as the royalty percentage, ring fencing, the ceiling for cost recovery. By drastically optimising its profit share, from the ‘ profit oil “, immediately after the IOC has recouped its investments from the ” cost oil ” .

Financial engineering, valuation and cash flow modelling, in tandem with the expected production profiles from the fields are fundamental in this respect.

The main objective of Guyana should be to maximise its petroleum wealth by encouraging appropriate levels of offshore activities.

To this end Guyana must design a robust fiscal system with for example the following characteristics. It should provide a fair return for both the state and the international companies. It has to be clear and avoid undue speculation, just as is now frequently surfacing in the press. Administration has to be efficient without undue rules, permits and burdens. At the same time it should provide enough flexibility and create a healthy, competitive competition and market efficiency.

A much different Petroleum Sharing Contract is certainly highly recommended in my opinion.

Marcel Chin-A-Lien – Advisor Petroleum Exploration & Production, Business-Commercial-Policy Development, PSC’s.

”  All-in-1 Consultant,  Available-to-Serve-You.

For grounded, vintage stewardship to successfully find lots of oil, mineral resources, develop your business and get sustained value for money ?

See <Contact & Contract Me> at marcelchinalien@gmail.com “.

Doei, salu2, ciao, até logo, grüssen, cordialement, salut, добрый день, ajoo, tur kos bon mi dushi hendenan na Switi Sranan i mi famiri na switi Korsou, tan bun allamala !

1) CGX back in the game; looking to drill 6 wells over next 2yrs offshore Guyana
By Oil Now – April 23, 2017

CGX holds the 2nd highest number of blocks in the Guyana-Suriname Basin.
Canadian-based oil and gas exploration company CGX Energy Inc. will soon recommence exploration work offshore Guyana and aims to drill as much as 6 wells over the next two years. CGX had come up empty-handed on previous attempts to hit a payload offshore the South American country, and that, coupled with changing financial conditions with its major shareholder, Pacific Exploration, saw a halt in further exploration activities.

But all that has changed. ExxonMobil and its partners have derisked the area by making significant discoveries of high quality crude in a location known as the Stabroek Block and prudent financial management has seen the fortunes of CGX/Pacific Exploration improving, moving from zero market capitalization to $2.5 billion.

Dr. Suresh Narine, CGX Chairman, says the company is now making a major comeback.

Photo:

Guyana Offshore - CGX - MCAL
Guyana Offshore – CGX – MCAL

Dr. Suresh Narine speaking at Guyana’s first oil and gas conference in March
“This is an extremely healthy company and suddenly CGX is back in the game,” Dr. Narine said.

The oil and gas junior has spent the past four months redoing its geology and is on the verge of recommencing drilling. “Our work plan calls for two wells offshore within the next 2 years. I can tell you that we are looking at six,” he said.

The CGX Chairman made these disclosures to participants of Guyana’s first oil and gas conference and exposition held in March at the Guyana Marriott Hotel. The conference, the next of which is scheduled for March 18-20, 2018, was organized by the Guyana Oil and Gas Association (GOGA).

2) CGX Energy to restructure debt ahead of future oil exploration in de-risked Guyana basin

The cash-strapped Canadian oil exploration company, CGX Energy, continues to borrow monies from its shareholder to stay afloat, and indicated that future oil exploration offshore Guyana would depend on restructuring its multi-million debts to several companies.

Now that American oil-giant, ExxonMobil, has found more than two billion barrels of oil offshore Guyana, CGX Energy hopes that will be an incentive for debt restructuring and further exploration. “While the global downturn in petroleum prices has significantly affected the company over the past two years, the de-risking of the Guyana basin through multiple large discoveries has simultaneously provided enough buoyancy to allow the company to take steps to restructure its debt and prepare to continue exploration,” CGX  said.

The highly indebted CGX Energy has suffered a delay in carrying out further exploration offshore Guyana and hopes that government will favourably consider its request for a new date. “Pursuant to the terms of the Petroleum Prospecting Licences (“PPL“) governing the Corentyne Block, the Company is currently negotiating the terms of an extension of the spud date for its next exploration well on the block. The previous spud date was July 1, 2016,” the company said.

CGX  says it continues to negotiate with its trade creditors, including with respect to the approximately $14.4 million owed to Japan Drilling Co., Ltd. (excluding interest), approximately $9.5 million owed to Prospector PTE. Ltd. (excluding interest), and the approximately $2.9 million owed to Teikoku Oil (Suriname) Co., Ltd. (excluding interest), with a view to determining how to address these significant payables in light of depressed oil prices.

Between March 2016 and April 2017, the company has borrowed a total of 7.1 million Canadian dollars from its major shareholder, Pacific Exploration & Production Corporation, to fund  mainly “monthly general and administrative expenses.” If CGX Energy does not pay the loans, which attract interest rates of 5 percent, then Pacific “has the right to take a pledge of shares of CGX’s subsidiaries.”

The company also announced that Executive Director, Professor Suresh Narine has been given the green-light to purchase shares in the company.

“In conjunction with his appointment, the Board of Directors has agreed to grant Professor Narine incentive stock options to purchase 1,000,000 common shares of the Company. The stock options will be granted on May 2, 2017 pursuant to the Company’s stock option plan and will be exercisable at a price equal to the closing market price on such date.  The options will expire on May 2, 2022,” CGX Energy said in announcing the release of its audited consolidated financial results 2016.

3) CGX acreage map – from cgxenergy.ca/At-A-Glance.aspx – July 27, 2017

Guyana - CGX - acreage map - MCAL
Guyana – CGX – acreage map – MCAL
Guyana - CGX - Prospects and Plays - MCAL
Guyana – CGX – Prospects and Plays – MCAL
Guyana - CGX prospects - Gustavson Associates 2008 - Fig 4-3 - MCAL
Guyana – CGX prospects – Gustavson Associates 2008 – Fig 4-3 – MCAL

Guyana - CGX prospects - Gustavson Associates 2008 - Fig 4-3 - MCAL
Guyana Basin – Stratigraphic Column – CGX 2007 – MCAL

 

Guyana – CGX – Seismic section illustrating basin play concepts and main targets

Guyana - CGX - Equatorial Atlantic Margin Play - MCAL
Guyana – CGX – Equatorial Atlantic Margin Play – MCAL
Guyana - Berbice Canyon and Basin Plain - Gustavson Associates 2008 - Fig 4-9 - MCAL
Guyana – Berbice Canyon and Basin Plain – Gustavson Associates 2008 – Fig 4-9 – MCAL

4)

 

8. Tour de Géologie avec Tour de France

8. Grand Tour de Géologie during the Tour de France. V.300518

Tour de France - Stage 12 - July 19, 2019 - Bourg to Alpe d'Huez
Tour de France – Stage 12 – July 19, 2018 –  Bourg to Alpe d’Huez
Tour de France - July 19, 2017 - MCAL
Tour de France – July 19, 2017 – MCAL

The Tour de France is one of the most spectacular cycling tours on the world.

As a geologist for me the cyclists also cycle cross-sections through the geological landscape. I always study the geological background of the different stages. Together with the nowadays superb and continuous tv shots from the helicopter the Tour represents indeed also a geological excursion.

This article refers specifically to the area of 2 stages in the mountains, the Alps. One of this year (stage 12), located close to 2 others of last year, 2017. They appeal very much to me. As I happen to know the area. It is located close to the area where I did 2 full summers fieldwork for my thesis (long ago). Just across the border. In Italy, Piemonte, Cotton Alps.

Please join me on a dynamic geological cycling tour in the French Alps. Enjoy !

Contents (13)

1.  July 19, 20th, 2017.
Tour de France (men) & Tour La Course (women, July 20, 21; Annemiek van Vleuten, NL).

2. Foto: Mont Genèvre, Briançon – Ophiolite sequence – June 1974 – MCAL : Standing on the Upper Mantle, Ophiolite Sequence.

3. Géologie du Massif du Grand Galibier

4. Tour etappe – La Mure > Serre Chevalier – July 19, 2017

5. Geology: a brief overview of the history of the Alps.

Panorama Geologique du Massif du Grand Galibier

6. Tectonic framework of the Alps – Carte tectonique des Alpes

7. Etude géologique des massifs du Grand Galibier et des Cerces (zone Brianconnaise, Hautes-Alpes et Savoie).

8. Tour de France 2017

9. Geological notes (3) related with the photo “Mont Genevre, Briancon, France, 1974. Standing on the Upper Mantle, Ophiolite’s”.

10) Plastic Deformation of Gabbros in a Slow-spreading Mesozoic Ridge: Example of the Montgenèvre Ophiolite, Western Alps: R. Caby.

11) The Montgenevre ophiolite (Hautes Alpes, France): Meta—morphism and trace-element geochemistry of the volcanic sequence; Adrian D. Lewis and John D. Smewing – 1980

12) W-Alpine neotectonics and brittle deformation – Christian Sue

13) Les Alpes – Aux origines de leur Formation. – Video

 

1). July 19, 20th, 2017.
Tour de France (men) & Tour La Course (women, July 20, 21; Annemiek van Vleuten, NL).

Le Massif du Grand Galibier.
Awesome, impressive scenery, nature and mountains.

From La Mure to Serre Chevalier and from Briançon to Col d’Izoard.
Firework from the cyclists. A brutal 9% climb the last 10, a heroic struggle after already 173 km of exhausting work.

Simultaneously, Grand Tour de Géologie du Massif du Grand Galibier:
Exiting very dynamic, tectonic, compression-related, overthrusts, transcurrent faults and prime geological firework in the beautiful Alps.

Cycling across seven (7) different major thrusts and nappes. Brutal Alpine tectonic fire- and muscle work. Wowwww.

The Grand Galibier located on the Nappe Brianconnaise. Overriding and superposed on the Nappe Sub-Brianconnaise. With giant thrust faults that define both the Colle du Galibier and the Col du Lautaret.

The 167 cyclists left will unfortunately not have time to admire the outcrops and realise the dimension of the unique tectonic framework that they are crossing.

Where they could evidence, with geological eyes, the internal deformation inside the colliding European margin.

Related with westward motion of Apulia and thus witness the insight of true collision.

True collision that already began 31-34 million years ago (Lower Oligocene). Marking a major tectonic rearrangement of the Alpine chain.

With a NW displacement of some 10-15 km and temperatures of circa 280 degrees Celcius.

As nicely related, in their own cryptic language, by contemporary voyagers Mr. Phengite and Mrs. Chlorite – Phengite.

Mr. Phengite, born and since his childhood, happily grown-up without stress, though syn-kinematically under high pressure in shear zones. As told in his own cryptic language called 40Ar/39Ar dating. Mr. Phengite of the greater mica family, resembling muscovite but with some magnesium. Similar to the phengites in the Ovardites of Forte Fenestrelle, Val Chisone, in my thesis research area.

Mrs. Chlorite – Phengite relating her thrilling 10-15 km voyage in her enigmatic Thermobarometry language.

All with special thanks to the hard and continual work of the Crustal Penninic Thrust Front since 34 million years ago. Still thrusting and moving over the decollement horizon. As the Apulia tectonic plate moves westwards, continuously reshaping and sculpturing Mother Earth. Faithfully accompanied by her new-born sculpted mountains and earthquakes while converging with the European plate.

You are invited to have a look at the interesting geologic maps and cross-sections. The 4-D dynamic world of the geoscientist and the unique geo-thrill related with the prime Tour thrillers of today and tomorrow.

Enjoy ! Venez partager s.v.p. !

”  All-in-1 Consultant,  Available-to-Serve-You.

For grounded, vintage stewardship to successfully find lots of oil, mineral resources, develop your business and get sustained value for money ?

See <Contact & Contract Me> at marcelchinalien@gmail.com “.

Doei, salu2, ciao, até logo, grüssen, cordialement, salut, добрый день, ajoo, tur kos bon mi dushi hendenan na Switi Sranan i mi famiri na switi Korsou, tan bun allamala !

2) Mont Genèvre, Briançon – Ophiolite sequence – June 1974 – MCAL : Standing on the Upper Mantle, Ophiolite Sequence.

Mont Genèvre, Briançon - Ophiolite sequence - June 1974 - MCAL
Mont Genèvre, Briançon – Ophiolite sequence – June 1974 – MCAL : Standing on the Upper Mantle, Ophiolite Sequence.

3). Géologie du Massif du Grand Galibier

Géologie Massif du Galibier - MCAL
Géologie du Massif du Grand Galibier – MCAL

4) Tour etappe – La Mure > Serre Chevalier – July 19, 2017

Tour etappe - La Mure > Serre Chevalier - July 19, 2017 - MCAL
Tour etappe – La Mure > Serre Chevalier – July 19, 2017 – MCAL

5) Geology: a brief overview of the history of the Alps.

Panorama Geologique du Massif du Grand Galibier

Galibier - MCAL
Panorama Geologique du Massif du Grand Galibier – MCAL

6) Tectonic framework of the Alps – Carte tectonique des Alpes

Alps - Tectonic map - MCAL
Tectonic framework of the Alps – Carte tectonique des Alpes – MCAL

7) Etude géologique des massifs du Grand Galibier et des Cerces (zone Brianconnaise, Hautes-Alpes et Savoie).

Si vous êtes intéressez s.v.p. consulter la publication classic écrit par Bernard Tissot (PDF gratuite en Internet).

Géologie Galibier - MCAL
Géologie Galibier – MCAL

8) Tour de France 2017

Tour de France of 1989 is surely the greatest ever. A race that saw Greg LeMond overturn a 50-second deficit to Laurent Fignon on the final stage on the Champs Élysées to snatch the title by a mere eight seconds. After three weeks and more than 3200 kilometres in the saddle, this remains the smallest margin of victory in the Tour’s 100+ year history.

As a geologist and explorationist for me the Tour de France simultaneously represents a fascinating Tour de Geologie and Tour de Vin.
While the brave cyclists, such as Froome, Uran, Bardet, Landa, de Gendt, Quintana, Mollema, Ten Dam and the whole peloton cross the French countryside and mountains, they also cycle cross-sections through the geologic history, my geological maps, the maps and vineyards of the famous wine districts of France, that I avidly consult during the different stages.

On your own, whether belly-shaped, flat, or curved panoramic Oled TV with cinema sound system at home, by watching the Tour de France, you also experience the intensity and thrill of the Tour de France for example during its most challenging climbs. From the dizzying heights of the 2,715-metre ascent of Col de la Bonette to the historic Great St Bernard Pass.
On Col du Galibier, not far away from my own 6 month fieldwork area in the Italian Cottian Alps, with its incredibly tortuous 15 percent gradient climb.

A tough gradient that also my brand new Citroën 2CV  Deux Chevaux, Fourgonnette model (only 16 hp, 425 cc) and its driver had to experience and conquer back in 1973. Obtaining a maximum speed uphill of only some 15 kilometres in gear one. With the big load of pieces of la Bella Italia. Rock samples for my thesis. Just to mention the garnet schists, augen gneisses, grafite- and cloritoid micashists, cargneules, marbles, schistes lustres, prasinites and ovardites of Forte Fenestrelle, serpentinites and ofi-calcites. All first subducted, later obductic and now exhumed Palaeozoic basement to Jurassic metamorphosed rocks.

And Alpe d’Huez’s famous hairpins, where legendary cyclists such as Fausto Coppi and Marco Pantani once showed off their physical strength and stamina, and blasted home with unbelievable acceleration and will-power.

An extra exciting dimension to the emotions of the Tour and cyclists:
Tour de France, Tour de Geologie, Tour de Vin; Bycicles, Geology, Viticulture, Three-in-One.

Dimanche, 23 juillet 2017. Dernière étape de 103 kilomètres entre Montgeron dans l”Essonne et les Champs-Élysées.
Une étape promise aux sprinteurs Greipel, Boasson Hagen, Bouhanni, et Matthews ? Dylan Groenewegen, le jeune Néerlandais de 24 ans, champion de son pays dans 2016, maintenant aussi pour la premiere fois dans la Grande boucle. Vainqueur.

Champs-Élysées, 19:20 p.m.:

Froome, Uran, Bardet.

(on Uran, FYI see: http://www.noticiasrcn.com/videos/sencillamente-rigo)

9. Geological notes (3) related with the photo ” Mont Genevre, Briancon, France, 1974 “:
” Standing on the Upper Mantle, Ophiolites “.

Leiden geologists, f.l.t.r. Arie Schaap, Andre van der Meulen, Marcel Chin-A-Lien, Ray Bergval (R.I.P.). Not visible, taking the pic, Wilbert Hocks.

(Personal note for my very dear ” Ophiolitic & High Pressure-Low Temperature Metamorphic ” friends, wherever you are, Australia, South America, Sranankondre, NL:

Caríssimi amici ciaoo a tutti, Manneee, see you soon, voor een paar pilsjes en bitterballen in Pardoeza of Barrera, cheers, de ballueee, doei, take care).

Our visit to the well-known Mont Genèvre Ophiolite sequence, Briancon, France was part of our fieldwork, mainly in the Italian Cottian Alps. Where we studied within others the ophiolite and upper mantle rocks there exposed, such as in Val Chisone and Parco naturale Orsiera-Rocciavre .

10) Plastic Deformation of Gabbros in a Slow-spreading Mesozoic Ridge: Example of the Montgenèvre Ophiolite, Western Alps: R. Caby.

Published in: Mantle and Lower Crust Exposed in Oceanic Ridges and Ophiolites, pp 123-145.

Gabbros of the Montgenèvre ophiolite (external Piémont zone, western Alps), with the mineralogical, geochemical and isotopic characteristics of an oceanic ridge, show evidence of pervasive high-temperature deformation before the intrusion of basalt dikes.

This deformation is incipient in the layered troctolites immediately above a locally preserved paleo-Moho, and increases in intensity upward in the overlying olivine-poor gabbros producing an anastomosing system of mylonitic shear zones and several steep ultramylonite belts.

The mylonites and ultramylonites developed by solid-state shearing of the gabbros at temperatures in excess of 800–850°C, allowing recrystallization of augite subgrains in the wings of ductilely deformed magmatic diopside-salite clasts followed by crystallization of brown amphiboles.

On the basis of textural relationships it is proposed that synkinematic partial melting within the sheared gabbros, at temperatures of 850° C or higher, generated augite- and pargasite-bearing leucodioritic magmas which evolved in narrow magmatic conduits and percolated through tectonites and actively deforming mylonite zones, to form cross-cutting veins in adjacent less deformed gabbros.

The complex geometry of the structures and their kinematics, when restored to a stage before the onset of pre-Alpine and Alpine brittle tectonics, suggest that this tectono-metamorphic evolution started after rapid solidification of the gabbros. It is proposed that the gabbroic mass was pushed away from a spreading center due to the activity of extensional and transform shear zones, in response to spreading through continuous domal uplift of the underlying mantle peridotites from which, at deeper levels, new basaltic melt was extracted to produce off-axis basaltic volcanism.

The “magmatic” Moho became thereby transformed into a “tectonic” moho, followed by uplift of peridotites to the ocean floor where they became overlain by ultramafic-derived sediments such as to form a “sedimentary” Moho.

The scarce geochronological data suggest a long time span, of about 50–60 Ma, between magmatic crystallization of gabbros and diorites (212± 8 Ma) and the deposition of the oceanic cover (165–160 Ma), suggesting a slow-spreading paleoridge in the relatively narrow (<1000 km) Piemonte-Ligurian branch of the Tethys ocean.

11) The Montgenevre ophiolite (Hautes Alpes, France): Meta—morphism and trace-element geochemistry of the volcanic sequence; Adrian D. Lewis and John D. Smewing – 1980 – www.researchgate.net/publication/229399557_The_Montgenevre_ophiolite_Hautes_Alpes_France
Abstract
The Montgenevre ophiolite near Briançon in the French Alps consists of pillow lavas, pegmatitic and flaser gabbros and serpentinite in tectonic contact.
These rocks have been metamorphosed under prehnite—pumpellyite to greenschist facies conditions during two stages, an early sub-sea-floor metamorphism prior to emplacement followed by the Alpine metamorphism.
The pillow lavas can be divided into two groups, the Chenaillet Sequence showing moderate differentiation, and the Grand Charvia Sequence with a more restricted composition.
Forty-seven samples of the volcanic rocks have been analysed for Ti, Zr and Y by X-ray fluorescence, and eleven for rare-earth elements (REE) and Th, Ta, Hf and Sc by instrumental neutron activation (INAA).
Although the original stratigraphic relationship of the lavas has been obscured by emplacement tectonics, geochemical modelling suggests that they can all be related by up to 60% fractionation of olivine, plagioclase and clinopyroxene.
Their chemical composition and phenocryst assemblages are similar to modern ocean-floor basalts.
12)  W-Alpine neotectonics and brittle deformation – Christian Sue – csue@univ-fcomte.fr. , Audrey Bertrand
Aims of the field trip

The briançonnais area, South-East of the Pelvoux massif, is carved by a dense fault network, which corresponds to the last tectonic event in the alpine history.

Indeed, this fault network postdates all the alpine compression-related structures such as nappe piles, folds, schistosities and cleavages related to the different compressional phases. The late fault system is made of normal faults, which locally bear witness of transcurrent reactivation. They can be observed at every scale (kilometric to centimetric) in the field.

In terms of paleostress this extension is radial to the belt close to the Crustal Penninic Front and multidirectional in the eastern part of the internal zones. The paleostress field of the strike-slip phase is coherent with the extensional one and compatible with dextral shear along longitudinal faults.

The current tectonics has also been analyzed using seismotectonics, which allowed the recognition of several active faults. The ongoing tectonics is coherent with the observed brittle deformation. Indeed, the fault network observed on the field controls the present-day seismicity.

During this 2-days field trip we will follow the longitudinal fault system along the Durance Valley, and southward up to the High-Ubaye area. The first day will concern the role of the Penninic Front in the late alpine brittle extension, and its relationship with the High-Durance fault. The second day will be dedicated to neotectonic observations along the Serennes Fault system.

13). Les Alpes – Aux origines de leur Formation.

 

 

4. Free Online University Courses

A Massive List of Free Online University Course Providers From Around The World.

Free Online University Courses - MCAL
Free Online University Courses – MCAL

TO WHOM IT MAY BE OF USE AND INTEREST

Massive Open Online Courses (MOOCs) are free online courses available for anyone to enroll. MOOCs provide an affordable and flexible way to learn new skills, advance your career and deliver quality educational experiences at scale.

http://mooc.org

https://www.class-central.com

It’s been more than five years since online education got a massive boost when three free online courses, taught by Stanford professors, launched in October 2011. Each of these courses has had over 100,000 students.
Professors launched three online course websites: Coursera, edX, and Udacity. And the media started calling the courses provided by these websites “MOOCs”: Massive Open Online Courses.
Since then, more than 700 universities around the world have launched free online courses.
By the end of 2016, around 58 million students had signed up for at least one MOOC.
Many countries around the world — like India, Mexico, Thailand, and Italy — have launched their own country-specific MOOC platforms.
At Class Central we try to catalog as many MOOCs as possible. So far, we’ve cataloged over 7,000 of them. But due to limited resources (and sometimes language barriers), we cannot index every one of them.
I’ve made this list of 33 MOOC providers from all over the world. This list has been adapted with permission from Mindshift: Break Through Obstacles to Learning and Discover Your Hidden Potential, by Barbara Oakley, Tarcher-Perigee, April 2017. And I’ve also expanded upon the list, and included a few extra regional MOOC providers.
Our focus has mostly been on course providers that partner with universities and offer free online courses. So if you know of any MOOC providers that we missed, let me know in the comments below.

Enjoy!

”  All-in-1 Consultant,  Available-to-Serve-You.

For grounded, vintage stewardship to successfully find lots of oil, mineral resources, develop your business and get sustained value for money ?

See <Contact & Contract Me> at marcelchinalien@gmail.com “.

Doei, salu2, ciao, até logo, grüssen, cordialement, salut, добрый день, ajoo, tur kos bon mi dushi hendenan na Switi Sranan i mi famiri na switi Korsou, tan bun allamala !

12. Guyana Oil Boom – Sovereign Wealth Fund

12. Guyana Oil Boom – Sovereign Wealth Fund (SWF).
SWF fund needed to build public confidence – V.150817

 July 18, 2017 - www.kaieteurnews.com
Guyana Oil Boom - Sovereign Wealth Fund - - from www.kaieteurnewsonline.com - MCAL
Guyana Oil Boom – Sovereign Wealth Fund – Text & Picture from www.kaieteurnewsonline.com – MCAL

Contents (3):

1. International Monetary Fund and Guyana – www.kaieteurnews.com

2.1 How much money would Guyana get from ExxonMobil’s offshore oil production &

2.2  Guyana urgently needs to set up a Sovereign Wealth Fund &

2.3 Nature and purpose of SWF &

2.4 Size of SWF’s – Marcel Chin-A-Lien, 29 July, 2017

3. Guyana to reform oil laws and gain wealth fund with Commonwealth support – 2 May 2017 – the commonwealth.org

1) International Monetary Fund helping Guyana

Re: re-blogged from: www.kaieteurnews.com

The International Monetary Fund (IMF), in its 2017 report on Guyana’s economy said that the establishment of a Sovereign Wealth Fund (SWF) is important for the building of confidence in the public and in financial markets.
The body noted that the authorities in Guyana have made it a priority to put in place a credible framework for the management of future hydrocarbon revenues. But this framework is yet to be finalized.

IMF said that the framework will contribute toward resolving potential uncertainties regarding how oil revenues would be spent and how they could affect macroeconomic developments. “Once the draft SWF law, and the resource management framework embodied in it, are finalized, it will contribute to building confidence in the general public and financial markets”

IMF said that in order to ensure that the operation of the SWF is consistent with the macro-fiscal objectives, the SWF law should be linked to a fiscal responsibility law. Further, the international body said that all hydrocarbon revenues and any public spending related to these revenues should be channeled through the state budget.

The report noted, “As the SWF investment activities will have direct domestic macroeconomic implications, these activities can be usefully coordinated with relevant authorities such as the owner (Ministry of Finance) and the Bank of Guyana through regular meetings (e.g., quarterly). That can help ensure consistency with the overall macroeconomic policies.”

IMF also said that the building up of assets in a SWF and its investment strategy should be seen in the broader context of Sovereign Asset and Liability Management (SALM) framework. Related aspect for indebted resource-rich countries is striking the right balance between debt repayments and the building up of SWF assets for stabilization purposes.

Hydrocarbon revenues can be used to reduce the stock of government foreign debt to sustainable levels. The exact target for debt reduction would be guided by the FRL. The appropriate level of the stabilization fund should be evaluated in a SALM framework; taking account of interest rate levels and the size of the public debt.”

A SWF is a government-owned investment fund. It has been set up by many countries with oil wealth, and there are several models to choose from.
While the policy to govern the establishment of SWF was to be delivered since last year, the public continues to keep watch for when government will actually make good on its promise.

From all indications, the holdup is not with the Ministry of Natural Resources. Kaieteur News understands that the Bill is in the hands of Minister of Finance, Winston Jordan, and has been with him for some time now.
Minister of Natural Resources, Raphael Trotman, spoke confidently in the National Assembly that the policy would have been delivered to the House in 2016 for discussion and debate. This was as he made his contributions to the 2017 Budget debate.
Last year ended without the policy being taken to the House, and to make matters worse, the second quarter of 2017 is finished and the policy is still to reach Cabinet where it must go before reaching the House.

Trotman has told Kaieteur News that the draft policy was completed by his Ministry and is now with the Ministry of Finance. He refused to be specific as to how long the draft has been with Minister Jordan, but noted that his (Trotman’s) Ministry met its deadline.

Sources at the Ministry of Finance confirmed that the document has been there since January.
Trotman told Kaieteur News that he is confident about the quality of the draft policy, which benefitted from the expertise of the Commonwealth Secretariat, the Guyana Geology and Mines Commission, the Private Sector and the very Ministry that is now doing the review.

Trotman said that when the Ministry of Finance is finished with its review, the Bill will go to Cabinet for approval, then for public consultation, before reaching the National Assembly.

“There is no intention to rush the Bill. We are some years away from production, so there will be consultation, but the point is we have a Bill which the Ministry of Finance is amending,” said Trotman.

In an address to the National Assembly, Trotman had said that it is important that the extractive industries that fuel Guyana’s growth today “also provide for our children tomorrow.”
He told the House that the Sovereign Wealth Fund will enable the government to “protect the economy from the volatile nature of natural resource revenues, help grow and modernize the sustainable non-extractive sectors of the economy, and further enhance the capacity of our people”.

Trotman outlined the considerations for the three sub-funds within the Sovereign Wealth Fund – the Stabilization Fund, Infrastructure and Social Development Fund and Citizens Participation Fund.

He said that the government has already begun seeking advice and guidance on developing such a Fund from the School of Public Policy – University of Calgary and the Commonwealth Secretariat, both of which are equipped with strong expertise on extractive resource governance.

Trotman told the House that the creation of a long overdue sovereign wealth fund will demonstrate to Guyanese and the world at large that hydrocarbon development, and by extension all other extractive industries, can be catalysts for a green economy.

2) Comment Marcel Chin-A-Lien:

2.1 How much money would Guyana get from ExxonMobil’s offshore oil production ?

Assuming that the ExxonMobil PPL contains the same articles as the PPL with CGX.

This is a simple estimate of the monies involved. But it gives a fair idea of what everyone wants to know.

Precise data can be obtained by making a full economic analysis.

Assumptions are:

A gross oil production volume of 1,5 billion barrels, average production of 160 million/day during 13 years, oil price US$ 50 / barrel, Capex-Opex 11 billion US$, initial production in 2020:

Total oil revenue would be some 75 US$ billion.

Total profit oil is 68 billion US$.

Guyana Government profit share is some 36 billion US$. This amount would be received in the period 2020 – 2033.

Payout is successful in about 4 years.

The economics of the Liza – Payara – Snoek giant fields development is thus highly profitable, with an IRR exceeding 100%.

Marcel Chin-A-Lien – Advisor Petroleum Exploration & Production, Business-Commercial-Policy Development, PSC’s

2.2 Guyana urgently needs to set up a Sovereign Wealth Fund (SWF).

Similar to for example Norway (GPF,1990; 922 US$ Billion), United Arab Emirates, Abu Dhabi (ADIA, 1976:828 US$ Billion), Kuwait (KIA, 1953; 524 US$ Billion).

Also Suriname has to start thinking seriously about the structure, details, ins and outs of a possible SWF. To be fully prepared, just in case, for the expected offshore oil boom. To become Oil-Curse-Proof and Dutch-Disease-Proof. Soon??

Oil rich countries that have not set up a transparent SWF have all been severely affected by the Oil Curse.

A most tragic example is oil-rich Venezuela. Its oil age began in the early 20th century. The big gusher in 1922, the Barroso No. 2 well in Cabimas, spewed as much crude as the famed Spindletop well in east Texas two decades before.

In 2013 and 2015 Venezuela had the highest misery index score:

(Global Misery Index – Hanke, John H. “Measuring Misery around the World”. The CATO Institute. Retrieved 30 April 2014;  

“Amid Rationing, Venezuela Takes The Misery Crown”. Investors Business Daily. Retrieved 1 September 2014;

Venezuela: the country that should have been so rich but ended up this poor. www.independent.co.uk, Matt O’Brien, 19 May 2016; Saraiva, A Catarina; Jamrisko, Michelle; Fonseca Tartar, Andre – 2 March 2015.

“The 15 Most Miserable Economies in the World”. Bloomberg. Retrieved 4 March 2015).

Info from Internet, Wikipedia, books, etc. etc.etc.

A sovereign wealth fund (SWF) is a state-owned investment fund that invests in real and financial assets such as stocks, bonds, real estate, precious metals, or in alternative investments such as private equity fund or hedge funds. Sovereign wealth funds invest globally. Most SWFs are funded by revenues from commodity exports or from foreign-exchange reserves held by the central bank. By historic convention, the United States’ Social Security Trust Fund, with $2.8 trillion of assets in 2014, is not considered a sovereign wealth fund.

Some sovereign wealth funds may be held by a central bank, which accumulates the funds in the course of its management of a nation’s banking system; this type of fund is usually of major economic and fiscal importance. Other sovereign wealth funds are simply the state savings that are invested by various entities for the purposes of investment return, and that may not have a significant role in fiscal management.

The accumulated funds may have their origin in, or may represent, foreign currency deposits, gold, special drawing rights(SDRs) and International Monetary Fund (IMF) reserve positions held by central banks and monetary authorities, along with other national assets such as pension investments, oil funds, or other industrial and financial holdings. These are assets of the sovereign nations that are typically held in domestic and different reserve currencies (such as the dollar, euro, pound, and yen). Such investment management entities may be set up as official investment companies, state pension funds, or sovereign funds, among others.

There have been attempts to distinguish funds held by sovereign entities from foreign-exchange reserves held by central banks. Sovereign wealth funds can be characterized as maximizing long-term return, with foreign exchange reserves serving short-term “currency stabilization”, and liquidity management.

Many central banks in recent years possess reserves massively in excess of needs for liquidity or foreign exchange management. Moreover, it is widely believed most have diversified hugely into assets other than short-term, highly liquid monetary ones, though almost no data is publicly available to back up this assertion. Some central banks have even begun buying equities, or derivatives of differing ilk (even if fairly safe ones, like overnight interest rate swaps).

2.3 Nature and purpose of SWF

SWFs are typically created when governments have budgetary surpluses and have little or no international debt. It is not always possible or desirable to hold this excess liquidity as money or to channel it into immediate consumption. This is especially the case when a nation depends on raw material exports like oil, copper or diamonds. In such countries, the main reason for creating a SWF is because of the properties of resource revenue: high volatility of resource prices, unpredictability of extraction, and exhaustibility of resources.

There are two types of funds: saving funds and stabilization funds. Stabilization SWFs are created to reduce the volatility of government revenues, to counter the boom-bust cycles’ adverse effect on government spending and the national economy. Savings SWFs build up savings for future generations.

One such fund is the Government Pension Fund of Norway. It is believed that SWFs in resource-rich countries can help avoid resource curse, but the literature on this question is controversial.

Governments may be able to spend the money immediately, but risk causing the economy to overheat, e.g., in Hugo Chávez‘s Venezuela or Shah-era Iran. In such circumstances, saving the money to spend during a period of low inflation is often desirable.

Other reasons for creating SWFs may be economic, or strategic, such as war chests for uncertain times. For example, the Kuwait Investment Authority during the Gulf War managed excess reserves above the level needed for currency reserves (although many central banks do that now).

The Government of Singapore Investment Corporation and Temasek Holdings are partially the expression of a desire to bolster Singapore’s standing as an international financial centre.

The Korea Investment Corporation has since been similarly managed. Sovereign wealth funds invest in all types of companies and assets, including startups like Xiaomi and renewable energy companies like Bloom Energy.

2.4 Size of SWFs

Assets under management of SWFs increased for the fifth year running in 2013 to a record $5.78 trillion.[15] There was an additional $7.2 trillion held in other sovereign investment vehicles, such as pension reserve funds, development funds and state-owned corporations’ funds and $8.1 trillion in other official foreign exchange reserves. Taken together, governments of SWFs, largely those in emerging economies, have access to a pool of funds totalling $20 trillion. Some of these funds could in future be channelled towards funding development of infrastructure for which there is global demand.

Countries with SWFs funded by oil and gas exports, primarily oil and gas exports, totalled $4.29 trillion as of the end of 2014.[16] Non-oil and gas SWFs totalled $2.82 trillion. Non-commodity SWFs are typically funded by transfer of assets from official foreign exchange reserves, and in some cases from government budget surpluses and privatisation revenue. Asian countries account for the bulk of such funds.

An important point to note is the SWF-to-Foreign Reserve Exchange Ratio, which shows the proportion a government has invested in investments relative to currency reserves. According to the SWF Institute, most oil-producing nations in the Persian Gulf have a higher SWF-to-Foreign Exchange Ratio — for example, the Qatar Investment Authority (5.89 times) compared to the China Investment Corporation (0.12 times) — reflecting a more aggressive stance to seek higher returns

3) Guyana to reform oil laws and gain wealth fund with Commonwealth support – 2 May 2017  

Re-blogged from: thecommonwealth.org/newsroom

“The inputs of partners like the Commonwealth are critical to the success of this country and its people” – Guyana’s Minister of Natural Resources

New oil discoveries off the coast of Guyana mean the country is poised to become a major new petroleum producer in the coming years.

One well drilled in October 2016 has been described by Exxon Mobil as “confirming a world-class resource discovery in excess of 1 billion oil-equivalent barrels”. The find could earn the small South American nation, with a population of about 800,000, multiple billions of dollars in tax revenues.

Guyana’s Minister of Natural Resources, Raphael Trotman, has confirmed the government intends to table new legislation before Parliament with the goal of moving to oil production in 2020.

The Commonwealth Secretariat has been advising the Ministry of Natural Resources since 2013 on the legislative and institutional reforms required to regulate Guyana’s emerging oil and gas industry.

Mr Trotman said: “The Ministry of Natural Resources has been especially fortunate to engage with the Commonwealth for the development of many of its policies, which are now coming of age as the country enters a new phase of development with the advent of its oil and gas industry.”

A new Sovereign Wealth Fund – a state-owned fund which will reinvest oil and gas revenues – and a new Petroleum Commission, a regulatory agency, are centrepieces of the proposed legal and institutional framework.

The Secretariat’s legal and economic experts have advised on draft legislation for the Sovereign Wealth Fund, a draft National Upstream Oil and Gas Policy, and a revision of Guyana’s Petroleum Exploration and Production Act and Regulations.

The reforms will ensure oil revenues benefit ordinary people in Guyana, through job creation and investments in public services and infrastructure

The Commonwealth Secretariat’s oceans and natural resources team has been working “assiduously” with the Ministry, said Mr Trotman. “This level of commitment has been the hallmark of the relationship developed with the Commonwealth team, and is highly valued,” he said.

Daniel Wilde, Economic Adviser on Natural Resources at the Secretariat, said the recent discoveries mean that Guyana is on a path to becoming a significant oil producer. “We are assisting the government ensure that this oil wealth is wisely managed and contributes to sustainable economic development.

“This involves advising the government on how to transparently and effectively regulate the upstream oil industry and helping to establish a Sovereign Wealth Fund. This fund should ensure that oil revenues do not lead to a loss of economic competiveness and that future generations fairly benefit from today’s oil wealth.”

Minister Trotman continued: “Guyana has enjoyed decades of tremendous history and close co-operation with the Commonwealth as a member of the community and partner in development. The Commonwealth’s support for Guyana must be lauded, particularly for the impact made on governance, youth development, environmental stewardship and natural resources management.”

“We, at the Ministry and Government of Guyana, wish to extend sincerest thanks to the Commonwealth team for its unwavering and invaluable support as Guyana transitions from potential to prosperity. The inputs of partners like the Commonwealth are critical to the success of this country and its people. We look forward to continued advancement of our partnership.”

4)

 

10. Guyana Black Gold Rush

Guyana Black Gold Rush - MCAL
Guyana Black Gold Rush – MCAL

Guyana Black Gold Rush

Contents:

0) Note Marcel Chin-A-Lien

1)Halliburton signals investment interest in Guyana’s oil industry – kaieteurnewsonline.com/2017/07/15 – Jul 15, 2017

2)The story within the story. We can learn something from the Trinidad experience. – Leonard Gildarie – July 25, 2017

3) Under construction

0) Note Marcel Chin-A-Lien:

The black gold rush has definitely started in Guyana.

The world is witnessing the developments in a country that is presently in a fast-track transformation process.

To become a most prosperous place with a quality of life where all inhabitants will equally reap the rewards and benefits from the giant oil boom ?

Or is it the beginning of the terrible Oil Curse and the Dutch Disease ??

The first oil and first income for Guyana from the giant offshore oil fields will begin in 2020.
Airlines are rescheduling their routes, including Guyana on their flight schemes.
Small entrepreneurs and businesses are relocating and setting up affiliates in capital Georgetown.

Consultancy and oil service firms are flying in and lobbying to get a foothold in Guyana. Convincing them that they can not do the job on their own and therefore need foreign expertise and wise advise. Above all, that for example consultancy costs can be recouped by Guyana, with an adequate contract construction, via the Petroleum Sharing Contract with ExxonMobil.

>>> A. Stena is currently conducting drilling operations offshore Guyana for ExxonMobil and its joint venture partners Hess and Nexan.

>>> B. Jones Day, an international law firm of the USA and a Norwegian law firm are among the experts hired by the Guyana government to advise on oil and gas.

>>> C. Guyana’s President, David Granger, brought on dr. Jan Mangal, who is Guyanese, as Presidential Advisor on Petroleum. He is an expert in offshore and civil engineering. And has a doctorate in offshore geotechnical engineering from the University of Oxford.

>>> D. A team from the Guyana Oil & Gas Association (GOGA) met with over 15 companies in Canada this week which are looking to partner with Guyana’s private sector for opportunities in the country’s emerging oil and gas sector. The meetings were facilitated by the Trade Commissioner of the Canadian High Commission in Georgetown, Guyana.

Speaking to OilNOW from Newfoundland, Canada, President and CEO of GOGA, Bobby Gossai Jr. said a key benefit from these potential partnerships will be the transfer of knowledge and expertise. “These partnerships can serve to build business relationships, transfer technology, and skills development in the offshore industry,” he said.

Some of the companies and organisations the Guyana team met with include, Canadian Global Maritime, Atlantic Offshore Medical Services, Rutter Inc., Maderra Engineering, EnviroMed Detection Services, GRi Simulations Inc., Crosbie Group Limited, Oceans Limited, Marine Institute of Memorial University, Newfoundland and Labrador Environmental Industries Association, among several others.”

>>> E. Harmon, Trotman host exploratory meeting on oil with EITI-IDB team – Jun 29, 2017 – kaieteurnewsonline.com. A team of officials from the Extractive Industries Transparency Initiative (EITI) of the Inter-American Development Bank (IDB) yesterday afternoon paid a courtesy call on Minister of State, Joseph Harmon for an exploratory meeting.
The meeting also saw the attendance of Minister of Natural Resources, Raphael Trotman and Presidential Advisor on Petroleum, Dr. Jan Mangal, at the Ministry of the Presidency.
The team, according to the Ministry of the Presidency, is exploring the possible roles that the IDB could play in supporting Guyana’s emerging oil and gas sector, and included the IDB Representative in Guyana, Ms. Sophie Makonnen, Lead Oil and Gas Specialist in the Energy Division, Mr. Ramon Espinasa, Economist- Energy, Mr. Lenin Balza and Consultant in the Energy Division of the Infrastructure and Environment Section, Mr. Carlos Sucre.
During the meeting, Minister Harmon said that he and Minister Trotman are both members of a team appointed by President David Granger to advise the Cabinet on matters related to this sector. He noted that the team is led by Minister Trotman and includes Minister of Finance, Mr. Winston Jordan, Minister of Public Infrastructure, Mr. David Patterson, Minister of Business, Mr. Dominic Gaskin and Dr. Mangal.
The Minister assured the IDB team that the Government is confident that their support could benefit the development of policies in the sector.
Meanwhile, Mr. Espinasa advised the ministers that it is essential for the Government to determine how it wants to manage the resources, and that it must ensure contracts are well drafted to ensure the best possible deal for Guyana.
“We are here to support with whatever you need, most probably with what we call technical assistance, and this is concessionary support, and eventually, if that is the case, a loan of different amounts for creating the proper institutions,” he said.
Minister Trotman thanked Mr. Espinasa for his presentation and noted that the IDB has set out different steps that the Government must carefully consider.
“We have had similar presentations made to us and I believe that we are in the process of defining or compartmentalising who does what,” he said.

>>>

1) Halliburton signals investment interest in Guyana’s oil industry
From: kaieteurnewsonline.com/2017/07/15 – Jul 15, 2017

Halliburton, one of the world’s premier oil and gas supply and services companies,(Foto with: Halliburton CEO, Jeffrey Miller (2nd left) with team meeting with Minister Raphael Trotman yesterday)is seeking to open offices in Guyana to offer its upstream oilfield services to oil and gas companies as Guyana moves to becoming an oil producing country.
Yesterday, Minister of Natural Resources, Raphael Trotman, and a team of technical officers of the Petroleum Department of the Ministry of Natural Resources met with Jeffrey Miller, President and CEO of Halliburton, and his team at the Ministry’s head office, Upper Brickdam.
According to the ministry, Miller emphasized the high prospects that are being seen in the Guyanese market and the room for these to develop over the coming years.
Halliburton’s interest in investing in the Guyanese society through capacity building for local vendors and education support through local Universities was highlighted.
“Minister Trotman welcomed this high level visit and was keen to indicate the need for local content to be an important consideration for all companies entering the Guyanese markets. In response, Mr. Miller highlighted Halliburton’s philosophy of having people work where they live, and building the capacity of locals over time to develop the expertise and technical skills needed to service the industry.”
Halliburton was founded in 1919 and offers energy services internationally, ranging from locating hydrocarbons and managing geological data, to drilling and formation evaluation and well construction and completion.
It has operations in some 70 countries around the world and has provided services to some of the largest oil and gas companies in the world including ExxonMobil here in Guyana and elsewhere.

2) The Story Within The Story. We can learn something from the Trinidad experience – Jul 23, 2017 News 0 Comments

By Leonard Gildarie

There are millions and millions of lessons to be learnt from the world over. Singling out the successes and the best practices will have to prove invaluable to our policy makers as we chart the future of this country.

Many countries, on their way to development, have fallen time and again but stood up and continued their steady plod onwards.
We are preparing for oil and the world is looking on with curiousity and envy.

An estimated two billion barrels of oil is confirmed sitting in ExxonMobil’s concessions offshore Guyana and waiting to be exploited.
Guyana badly wants to capitalise. It has signed a production agreement which is for two percent royalty and a 50/50 share of the profits. There is deep worry over that share arrangement, as Guyana is estimated to only collect, at today’s prices, over $7B in royalties annually…a dent in our national budget which this year was $250B.

Of course, ExxonMobil is not here for fun. It will naturally want to maintain the bottom line—profit. Guyana’s find is being hailed as a major one, at a time when prices are low and green energy is seriously becoming a force to be reckoned with.
ExxonMobil has a reported history of playing hardball, leaving some of the countries they operated in what is said to be a worse situation.

In the last century, oil has been the cause of wars and the downfall of quite a few economies. Venezuela is a prime example. Trinidad and Tobago, too, is facing tough times, with foreign currency low, but analysts believe that the situation is temporary as the country corrects itself.

After a tough year of work, I decided to take the family on vacation to the Twin Island Republic, as T&T is known. I had stayed over in the past, but only on working visits and in-transit.
Without a doubt, it is a must-see for all Guyanese. T&T is truly an amazing country with a rich history that is steeped in pride and patriotism.

Its famous ‘doubles’, made from channa and a kind of puri with sauces, are a proud breakfast tradition. It gave the world Brian Lara and Nicki Minaj and has kept the chutney and soca music tradition alive. Let us not dwell on its world famous Carnival.
But for the first-time visitor, T&T’s infrastructure would be the most immediate and compelling thing to take note of. Piarco airport rivals some of the world’s best, complete with jet bridges.

Some of the oil and gas processing facilities in Trinidad

T&T’s road network, with overhead passes, and breathtaking beaches, along with the presence of some of the world’s top hotels like the Hyatt and Hilton, are but part of the lure.

I lost count of the number of malls on the island, some of them rivaling even those in New York. Its heritage sites like the San Fernando hilltop, with its hewn rocks, and Mount St. Benedict, have been drawing thousands of visitors annually.
As I marveled at the strides this little country of just over 1.3M persons, and 1800 square miles, (Guyana is 45 times larger), I kept hearing last week how good we have it in Guyana.

T&T is not worried so much about the state of the economy. However, there is a deep, deep fear over the crime rate.
In 2016, the murder tally was over 470. This year, the murder rate continues to worry, with some of the criminals clearly showing a disregard for the police.
The killings are drug- and gang-related, with kidnappings, robberies, human trafficking and even a rampant trade in body parts (organs), said to be fueling the situation.

US reports have indicated that last year alone, more than 81 percent of the murders were from the use of firearms.
I was warned several times by family and friends to be careful. We traveled in groups and visited crowded areas like the malls.
In some of the areas, families were being warned to keep children close because of kidnappings. The workers even use special stamps for the family to ensure that the children you are leaving with are not being kidnapped.
There are some areas like the famous Laventille where cops are afraid to venture into.
I even heard of cases where the cops seem to be in league with the drug traffickers and criminals. They would give them guns and drugs to sell.
Families are fearful of stepping out. There were news reports last week of foreign nationals being targeted, with studies showing at least 100 criminal gangs existing.

I could not help but ponder on the ironies, in context of the Guyana situation, where the fixation of the crime situation overwhelms worry over jobs and trade.

T&T has done well for itself. It has a 100 years head-start on Guyana with regards to oil. It has evolved from mere oil production to becoming a key player in the production of natural gas.
Visit the port areas, where many of the plants are located. The production refineries are dizzying. Downstream activities have grown and are now textbook examples.

Trinidad and Tobago houses one of the largest natural gas processing facilities in the Western Hemisphere. The electricity sector is fueled entirely by natural gas. Trinidad Generation Unlimited power plant, the second combined cycle plant in the country, with a generating capacity of 720MW, was opened on October 31, 2013.

With 11 ammonia plants and seven methanol plants, Trinidad and Tobago was the world’s largest exporter of ammonia and the second largest exporter of methanol in 2013, according to IHS Global Insight.
Trinidad has tourism and oil. But it has managed to attract some major investments like Nestle and is a major producer of fertiliser, cement, and an array of popular foods that are stacked on the supermarket shelves in Guyana.

T&T is said to be the wealthiest country in the Caribbean as well as the third richest country by GDP (PPP) per capita in the Americas after the United States and Canada. The country’s wealth is attributed to its large reserves and exploitation of oil and natural gas.
The twin island has been attracting like crazy, investments in liquefied natural gas (LNG), petrochemicals, and steel.
T&T, despite the oil, managed to expand to develop a strong manufacturing base, supplying its goods aggressively to the region. While it is the leading Caribbean producer of oil and gas, and its economy is heavily dependent upon these resources, it also supplies manufactured goods.

Significantly, oil and gas account for about 40% of GDP and 80% of exports, but only 5% of employment.
I spoke to quite a number of T&T oil officials last week, including some government officials.

Guyana has a few choices. Because of pre-existing agreements, the country now has little options with regards to altering the ExxonMobil deal, except appealing to the company’s corporate and social responsibilities.

Guyana does not immediately boast an envious array of oil experts. We would do well to insist that Exxon and any new companies that come in, invest in specialised degree courses, engineering included, helping the country to widen the scope of the labour force.

We have quite a few blocks offshore remaining for concessions. Any new exploration company will have to be tied down to agreeing to at least 70 percent of the work force being local, and the use of services right from Guyana.

I was told of another worrying development. There is technology for unmanned rigs offshore. Trinidad boasts of a few of them.
We should not be banking too much on the windfall from oil now. Rather the emphasis should be building local capacity and ensuring we plan long-term. We need to tap into Trinidad. There is much to learn from this little CARICOM state which has capitalised on its opportunities.

The milk has been spilt, but ExxonMobil I am convinced will not be flinching from any suggestions to sit down and help up improve our capacity.
Trinidad, as I said, has had a 100-year head-start. Can we do better in 25 years?
This is where some tough decisions will have to be made for this country.

3) Under construction

9. Ceuta – Tomoporo giant field discovery

Ceuta Giant Field - MCAL
Ceuta Giant Field – MCAL

This article is my personal story and memory of my own involvement in this giant field discovery in the aleady mature Maracaibo basin.

As well as a tribute to the smart, young and bold discovery team of Meneven, under leadership of my dear friend Diego Funes, in Lagunillas, Zulia.

The real, hidden and not yet published exciting story behind the scenes of this important discovery.

A tribute to the real, authentic and original discoverers of the giant Ceuta field in 1981. Located in the classic Maracaibo basin, State of Zulia, western Venezuela, South America.

Ceuta, one of the different giant field discoveries where I was lucky to be on the spot and where I could assist and participate during my career. I was so fortunate to be able to deliver as integral part of the brand new discovery team of 10 explorers.

Therefore I know the background and details that I wish to share with you.

Hopefully this history will benefit and motivate you in your own both marvelous and tortuous career as an explorationist.

Ceuta – Tomoporo is one of the ” Giant Oil and Gas Fields of the Decade 1978 – 1988 “. Described in AAPG Memoir 54, 1992, Editor Michel T. Halbouty, ISBN: 0-89181-333-0. Chapter 11, Ceuta-Tomoporo Field, Venezuela, page 163 – 173. The first 3 maps (Figs. 2,3,4) are taken from this publication.

The original field documents of S.A. Meneven (former Gulf Oil), Filial de PDVSA, that led to the Ceuta discovery are included as figures 5 – 9.

The field was found by the small, young and very competitive field Exploration team of Meneven, Affiliate of PDVSA, in Lagunillas, sector Campo Alegre.

Main credit of the discovery goes to exploration manager Diego Funes. A very energetic, inspiring, clever, pragmatic, down-to-earth, astute geologist and proven oil finder. The youngest superintendent and senior manager of Meneven, just in his early thirty. He studied earth sciences in Venezuela and France.

The small Exploration team consisted of 10 professionals, mainly geologists (7), geophysicists (3) and technicians (2).

The exploration landscape and tools available in 1981 to find a giant field ?

Back in 1981 present day sophisticated geological-geophysical workstations, laptops, tablets, iPadPro’s and iPhonesSE’s etc. etc. did not exist and were still patiently waiting to be invented. Steve Jobs was 26 years old then and had just founded Apple Computer on January 3, 1977. IBM on 12 august 1981 had presented its first PC, 5150 IBM. And on 22 July 1975 Microsoft of Bill Gates was born.

A Casio or Hewlett-Packard graphic scientific calculator was the most sophisticated tool available, proud to have, similar to your iPadPro nowadays. This was for example used for time-depth conversion purposes and for petrophysical So, Sw, Rt calculations. The brand new fax, thrilling high tech, was used to sent the daily drilling reports to the head office in Caracas. Now already obsolete, say fossilised and not even accepted in the recycle shops in the Netherlands.

Seismic interpretation was mainly 2D and done manually on paper sections, by drawing the reflectors and faults with sharp pencils. Correlating the seismic reflectors and sections was realised using the hands by folding, comparing and matching them.
Both seismic time, depth, fault maps as well as geological maps, contours and well correlations were all drawn by hand and with manual interpolations. First a draft or sketch version handmade by the geophysicist and geologist themselves that was subsequently upgraded and finished in the drawing department. 3D seismic was still in its infancy and not yet commonly applied on a big scale.

3D geological cartoons and reservoir models were drawn by hand using well log prints, correlations and educated-guess subsurface concepts and above all, imagination.

The traditional Ceuta – West field was one of the crown jewels of Meneven, with a production of some 100,000 barrels/day of mainly light high quality oil.

Discovery philosophy.

Only one dry hole had previously been drilled on the east flank of the Ceuta field and anticline, where later in 1981 the discovery was made.
This dry hole encountered very low porosities in the reservoir section. This was one of the main reasons why exploration in this area was previously postponed. Or virtually abandoned for an extended time by Meneven (forme Gulf Oil affiliate) before being nationalised on January 1, 1976.

For the young and new Meneven exploration team in 1980, just one dry hole was not a convincing argument to neglect exploration in the eastern flank.
It was decided to initially locate two exploration well in this area. Both turned out to be discovery wells yielding a tremendous 3100 – 4500 barrels of light oil on production.
These two wells are the official discovery wells of the Ceuta (-Tomoporo) field.

The giant field in the mature Maracaibo basin, that had been patiently waiting to be unveiled. On one’s doorstep, a few kilometres away, most efficiently overlooked, neglected and by-passed by already generations of clever, seasoned explorationists. Sixty seven (67) years after the first commercial well of Maracaibo Basin, located in the vicinity, well Zumaque-1 in 1914, finally unveiled.

The Tomoporo area to the south east was then not yet extensively explored.
Meneven was license holder of a small block (Bloque 80) to the south of Ceuta and close to the discovery wells..
Based on our 2 successful wells Diego Funes asked me to study this area in more detail. This as Meneven, Lagunillas Field Exploration Department, proceeded with a plan and bid report to obtain the still open and promising area assigned from PDVSA headoffices, for further exploration.

In 1983, after the discovery, however crown jewel Ceuta area was assigned to affiliate Maraven (former Shell). In a major reshuffle to realign the different areas and licenses puzzle, a heritage from the former multinational firms. Licenses were regrouped to improve efficiency and economies of scale.

Reserves.

About adding substantial value and sustained cash flow, for shareholders and stakeholders ??

Some 100 billion US$ gross value.

The traditional Ceuta field had 638 MMSTB of ultimate recoverable (proven) reserves. The new discoveries have added 764 MMSTB (as of December 1990). Defined prospects total 340 MMSTB light oil.

Totalling 1740 MMSTB for the Ceuta  – Tomoporo giant field, with a gross value of some 90 billion US$.

Higher reserve figures of 3065 MMBBls have been indicated, that would represent some 150 billion US$ gross value (1990, Classic Petroleum Provinces, Geological Society Special Publication No. 50, Editor J.Brooks, 1990, New oil discoveries in the Ceuta area, SE Lake Maracaibo, Venezuela,page 77 – 88).

My musings, questions and lessons learned about exploration and finding giant fields, in retrospect some 4 decades later?

This discovery was made with handcrafted geological and geophysical interpretations and maps. Without all the sophisticated tools now so common and available to all the geoscientists. But. How many additional giant fields have been found in Maracaibo basin and Venezuela since 1981 by using high tech? How many proven reserves have been added? How much was the quantified proven and added value of having used high tech ?

How many present day high level geoscientist experts could make a giant field discovery with only their own handcrafted and handdrafted geophysical time and depth maps and geological and reservoir maps? With 2D seismic lines from 1977 ? Without fading or getting blasted away by the strong ammonia odour permeating from the old time printed seismic sections.

With just a beautiful set of 6 colour pencils, a pencil sharpener, two eraser, a tiger claw for interpolations, a mini broom, a blank map. Nothing more, nothing less. That’s it. If you like it or not. Just 12 poor boy items.

Exploration tools totaling a value of only some 5 US$. But accompanied by an unconstrained and uninhibited exploration mindset and attitude as tools, and…… ??

Without the whole Landmark E&P software suite. With solutions for Exploration Insights, Geosciences, Geomechanics, Reservoir Management, Drilling, Production, Economics and Information Management ?

Without Oracle Crystal Ball, to safely execute the predictive modelling, forecasting, simulation and optimisation. Claiming to give explorationists unparalleled insight into the critical factors affecting risk?

Without Questor, for concept screening, project modelling, cost analysis, estimators for the pre-FEED stages of field development planning, evaluation and decision support?

Without BasinMod 2-D Platte River Associates, software for dynamic geologic conditions modelling within a petroleum system?

Without the business valuation software tools. To calculate the capitalised excess earnings, discounted cash flow, market comps, multiple of discretionary earnings, net present value, cash flow, deal structuring tools ? Such as for your farm-ins, farm-outs, new (ad)ventures, mergers, acquisitions?

Without IHS Markit, Energy and Natural Resources, Vantage, Kingdom Seismic and Geologic Interpretation Software, Geoscience Solutions, Harmony and Harmony Enterprise, Global Gas, Petra Geologic Interpretation Software, Questor O&G Capex/Opex cost estimation software, Petrodata Product Suite; Financial Services, Consulting, Technology ?

Myself, (un?)fortunately, I had to go, crack my poor brains, crawl, get almost drowned, surf upon and try to understand, master and integrate a fair part of above mentioned software. Bottoms-up, hands-on, buttons-up and buttons-down, in the last 4 decades.

But, how much technology and software do you really need nowadays as a geoscientist to be a successful added value explorer and oil finder?

Is it determined by her/his virtuosity of being able to choose and toggle with high speed on some 10,000 options and buttons in these energy related programs.

Where you can conveniently press on, to get a hardcopy answer. Mostly without even understanding remotely what the software in the black box is doing to deliver the desired and correct answer ?

It certainly helps a great deal, but….?

The greatest explorer of this universe ???

Explorationist pur sang.

His universal classical theory (…oeps…universal…but covering only up to the nasty black holes, so nasty that quantum gravity and unified theories have to assist his legacy to survive, to explain the functioning of our Universe):

All his articles and superb calculations on general relativity, were done by using only his undersized brain.

1,230 Grams instead of the average of 1,400 grams. But with a much greater density of connected neurons as the deep grove that normally divides the parietal cortex was absent, thus merging two remote areas and increasing connectivity in this area.

By writing his thoughts and findings with his left hand on blank paper.

With his fountain pen. The Waterman 22 Taper-Cap, vintage fountain pen. This pen was left as a gift to his dear friend Ehrenfest in Leiden, where he was a regular guest, professor and guest professor in the period 1911 – 1933. This pen is exposed in the Museum Boerhave, Leiden, the Netherlands.

Just four (4) exploration tools. Own brains, left hand, blank paper, fountain pen.

The comprehensive, maybe some 100+++ gigabyte, software suite for his imagination and theory was embedded in the undersized brains of this grand genius.

Einstein - Universal Explorationist - Exploration Tool - Waterman pen 22 taper-cap - MCAL
Einstein – Universal Explorationist – Exploration Tool – Waterman pen 22 Taper-Cap – MCAL

 

In retrospect, what is most critical for exploration and discovering oil and gas ?

The answer, my friend……..is imagination.

The rest is ” Blowin’ in the Wind “….

As the lyrics of the iconic song, dated april 1962.

Of Nobel Prize Literature winner 2016. Awarded with the coveted prize during a jovial, champagne-laced ceremony on a Saturday. At a secret location in Stockholm, before his first concert stopover, on his long-planned European tour.

Mr. Bob Dylan.

Sabrosos recuerdos de Mara Caibo, las Mara Cuchas, los Mara Cuchos, la Virgen de Chiquinquira, Estado Zulia etc. etc. etc. ?

Cuando Voy A Maracaibo, song by Maracaibo 15:

Cuando voy a Maracaibo
Y empiezo a pasar el puente
Siento una emoción tan grande
Que se me nubla la mente
Siento un nudo en la garganta
Y el corazón se me salta
Y sin darme cuenta tiemblo
Sin querer estoy llorando
– verso I –
Es la tierra del Zuliano
Un paraiso pequeño
Donde todos son hermanos
Desde el goajiro al costeño
– verso II –
Todo Zuliano que siente
Su terruño en lo profundo
Le parece que su gente
Es la mejor de este mundo
– verso III –
La Chinita y Papá Dios
Andan por el Saladillo
Paseando bajo su sol

Enjoy, doei, salut, ciao, ate logo, grussen, tan bun ala mala, tur kos bon mi hendenán na mi dushi Korsow, como estai vos priiimo, que molleja, muchos saludos.

Figure 1: Ceuta – Tomoporo is one of the ” Giant Oil and Gas Fields of the Decade 1978 – 1988 “. Described in AAPG Memoir 54, 1992, Editor Michel T. Halbouty, ISBN: 0-89181-333-0. Chapter 11, Ceuta-Tomoporo Field, Venezuela, page 163 – 173. The first 3 maps (Figs. 2,3,4) are taken from this publication.

Giant fields - AAPG Memoir 54 - M. Halbouty - MCAL
Giant fields – AAPG Memoir 54 – M. Halbouty – MCAL

Figure 2: Map Ceuta – Tomoporo discovery

AAPG Memoir 54 - Chapter 11 - Ceuta - Fig 9, p. 169 - MCAL
AAPG Memoir 54 – Chapter 11 – Ceuta – Fig 9, p. 169 – MCAL

Well 693 (Maraven Well VLG-693 – originally Meneven Well location E-CKK aj, 1981). Discovered new oil accumulations to the east of the traditional Ceuta field, in an area bounded by an important normal fault to the north. It had an initial production rate of 3100 BOPD from the lower “B” Eocene sandstones.

Well 707 (Maraven Well VLG-707 – originally Meneven Well location E-CNK aj, 1981) produced 4500 BOPD.

Fig. 3: Maracaibo basin oil fields

AAPG Memoir 54 - Ceuta Field - Fig. 2, p.164 - MCAL
AAPG Memoir 54 – Ceuta Field – Fig. 2, p.164 – MCAL

Fig. 4: Early Eocene structural map

AAPG Memoir 54 - Ceuta Field - Fig. 3, p.165 - MCAL
AAPG Memoir 54 – Ceuta Field – Fig. 3, p.165 – MCAL

Fig. 5: Meneven, Filial de Petroleos de Venezuela. Distrito Lagunillas. Departamento de Exploracion. Programa Exploratorio Perforacion 1981 (complemento).

Ceuta Discoveries - Meneven - Programa Exploración 1981 - MCAL
Ceuta Discoveries – Meneven – Programa Exploración 1981 – MCAL

Fig. 6: Meneven’s exploration program 1981 consisted of 15 exploration wells.

The 2 discovery wells of Meneven were CKK aj (renamed as VLG-3693 by Maraven). And E-CNK aj (renamed VLG – 3707 by Maraven).

Ceuta Discovery - Meneven - Programa Perforación 1981 - MCAL
Ceuta Discovery – Meneven – Programa Perforación 1981 – MCAL

Fig. 7: Meneven’s 1981 exploration program of 15 wells.They were expected to increase proven reserves to 100.2 MMBLS.

Ceuta – Tomoporo with the following discoveries appears to contain 1740 MMSTB (1990), some 17X more that in 1981.

Ceuta discovery - Meneven - Programa Exploración p. 4 - 1981 - MCAL
Ceuta discovery – Meneven – Programa Exploración p. 4 – 1981 – MCAL

Fig. 8: Meneven, Filial de Petroleos de Venezuela. Distrito Lagunillas. Departamento de EXploracion. Programa Exploratorio 1981.

Location of giant field discovery wells proposals CKK aj (VLG – 3693) and E-CNK aj (VLG – 3707)

Ceuta discovery - Meneven - Programa Exploración - Localizaciónes - 1981 - MCAL
Ceuta discovery – Meneven – Programa Exploración – Localizaciónes – CKK aj and E-CNKaj, discovery wells, 1981 – MCAL