Totaltec Oilfield Services Limited, a newly established oilfield services company focused on the Guyana oil and gas industry, has completed its initial equity finance.
While the company did not reveal the amount it raised, it said it was supported by a number of private investors to establish its presence in Guyana to support the development of ExxonMobil’s recent ‘world class’ offshore discovery there.
Totaltec said it would use the cash to fund the initial stages of its strategy to provide an oilfield services company to enable the growth and development of indigenous content and competence in the oil & gas industry in the country.
Also, Totaltec launched Petrogo.org, a membership platform for promoting the offshore industry’s capabilities to key clients in Guyana Guyana. The international Totaltec team was formed from a former Schlumberger and Welltec executive bench.
Simmons & Company International Limited served as corporate finance advisor and Pitmans LLP acted corporate legal advisor to the company and its founders on the start-up equity financing.
The Liza discovery
To remind, ExxonMobil first discovered hydrocarbons some 120 miles offshore Guyana, while drilling the Liza-1 exploration well at the Stabroek block in 2015.
After analyzing drilling results from the Liza-2 well, the second exploration well in the Stabroek block, ExxonMobil described the discovery as ‘world-class’ with a recoverable resource of between 800 million and 1.4 billion oil-equivalent barrels.
According to Stabroek News, Guyana’s daily newspaper, ExxonMobil’s local subsidiary, Esso Exploration and Production Guyana Limited (EEPGL) has recently applied to the Environmental Protection Agency (EPA) for permission to begin working on the development of the discovery.
Further drilling at the area could begin in 2019, and when the time comes, Exxon is reportedly looking to deploy a floating production storage and offloading (FPSO) facility, to bring the field online.
Offshore Energy Today Staff