Published On: Wed, Mar 28th, 2018

Italian Oil Company interested in drilling offshore Guyana

oil-company-execsGEORGETOWN - An Italian oil and gas exploration company could be the new kid on the block if the Guyana government gives it the go-ahead to carry out exploration offshore.

ENI is a multinational oil and gas company headquartered in Rome. It is considered one of the world’s largest publicly owned oil and gas companies, also known as a supermajor. It operates in 79 countries and is currently the world’s eleventh largest industrial company with a market capitalisation of 68 billion euros.

Minister of Natural Resources, Raphael Trotman yesterday met the company’s Senior Vice President, Guido Zappala and his team at the Natural Resources Ministry, where he received a packaged plan of action from the company’s representatives.

“We had a long discussion with them about their practices elsewhere, what they are looking for. And obviously Guyana’s basin has become attractive and they have assured us that they are not worried about the current issue between Guyana and Venezuela. They are prepared to pursue and should there be any cause for concern they will manage,” Trotman said after the meeting.

The minister said that ENI, which is partly owned by the Italian government, has an excellent track record in terms of safety and good environmental practices, and the company has been lending its support to other countries, helping to develop their renewable energy capacity.

“Thirty percent of the shares are owned by the government. So, you actually have a company that is undergirded by the government and is the main driver of the economy of Italy,” he said.

Trotman said his next move will be to prepare a report to present to President David Granger for his consideration.

The company has suggested another meeting in the next two weeks.

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