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$148M for review of Field Development Plans, Cost recovery audits of oil blocks

The Government of Guyana has budgeted a total of $148M for the review and evaluation of Field Development Plans (FDPs) and to conduct cost recovery audits of seven oil blocks offshore Guyana.

Hon. Vickram Bharrat - Minister of Natural Resources

Just over $1.6B was on Tuesday approved for the Ministry of Natural Resources in the national budget 2022.

Responding to questions posed by the opposition, Minister of Natural Resources Vickram Bharrat disclosed that the government will be conducting cost recovery audits of all of the country’s oil blocks.

To this end he says

"$88M will go towards the review and evaluation of FDPs, $60M will go towards the cost recovery audits."

He also clarified that

''this is for the audit of the other blocks other than Stabroek because there have never been any audits done on the other 7 blocks that were awarded umm expect for Stabroek which we know that there is an audit ongoing and one that will start very soon’’

Further, $2M was allocated for legal services and $12M for the implementation of a local content secretariat.

"$15M goes to the third party inspectorate that is stationed on the FPSO and as we are aware now soon it will be for 2 FPSOs and not only one because Liza Unity will start up very soon, $18M goes towards subscriptions to a number of international agencies and journals, ’’

the minister added.

The Minister also provided an update on the Gas to energy project which he noted was not budgeted for in the 2022 national budget since there is a $200M project under the world bank to cater for associated studies.


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