The Canadian Oil and Gas Exploration Company (CGX) is set to commence drilling on the Corentyne block as early as the end of this year, Minister of Natural Resources, Raphael Trotman, has confirmed.
The oil company has already appointed a drilling engineer who will be in charge of designing its offshore exploration well on the Corentyne Block offshore Guyana. According to Trotman, the Government is excited about the project.
“CGX has remained committed to Guyana. They have gone through different periods, and we are hoping that we could work with them. They are expected to do
Chairman and Executive Director of CGX Guyana, Professor Suresh Narine
some drilling this year, and we are excited about that,” the minister said.
“The expectation is that they begin drilling by the end of the year. We also have Repsol that will also do some drilling later in the year or early next year,” Minister Trotman added.
In late 2017, CGX had said that, as part of the renegotiation of its contract with the Government of Guyana, it would relinquish to the Government 25 percent of the acreage of both the Corentyne and Demerara blocks.
The new work commitments include drilling an exploration well on the Corentyne Block by November 27, 2019; acquiring additional seismic or conducting seismic reprocessing by November 27, 2020; drilling an exploration well by November 27, 2022 in the Demerara Block; completing any additional data processing and planning, and securing all regulatory approvals for the drilling of an exploration well by February 12, 2020; drilling an exploration well by February 12, 2021, and another by February 12, 2023 in the Berbice Block; completing a geochemical survey of a minimum area of 120 square kilometres and commencing a seismic programme defined by the aforementioned geochemical survey by February 12, 2020; completing the seismic programme and completing all processing and interpretation of data by August 12, 2021; and drilling an exploration well by February 12, 2023.
Chairman and Executive Director of CGX Guyana, Professor Suresh Narine, said the company was eager to pursue the new work commitments in “this exciting Guyana basin, and in so doing continue our unbroken commitment to the basin, the Guyanese people, and its Government for more than 18 years.”
CGX Energy is focused on the exploration of oil in the Guyana-Suriname Basin.
