Canadian oil exploration company, CGX Energy says that it will drill offshore of the Corentyne in the second half of next year.
The company’s president Kerry Sully conveyed this to President Bharrat Jagdeo at a meeting on Saturday. “We were happy to report to the President that CGX is scheduled to drill under the Corentyne license in the second half of next year. The 3D seismic program undertaken by CGX succeeded in delineating a highly promising drilling target and CGX has developed and is now actively advancing its drilling program in Guyana’s Corentyne region aimed at multiple targets”, Sully said in a press release.
The meeting follows Jagdeo’s public statement earlier this month that the company needs to move beyond talk and move on to drilling.
The release stated that Sully conveyed “CGX’s appreciation of the ongoing support of the President of Guyana and of its government and people”. He also reported on several developments on the company’s exploration and drilling plans on its Corentyne concession.
Ongoing are the data interpretation on the recently completed seismic program identifying the drilling location and CGX’s drill design program customized to the requirements of the selected drill location. It was also stated that the Strategic Environment Assessment is already in an advanced stage of finalization with the appropriate Agencies in Guyana.
In addition, CGX has undertaken preparations for developing the necessary onshore staging and storage facilities in support of the drilling program and the company also discussed its projections for exploration activities in its license concessions in Guyana beyond the Corentyne area.
Several months ago, Sully had told the media here that that the company will not be doing any drilling this year and indicated that drilling could be done in CGX’s Corentyne block next year. There had been high hopes for CGX’s exploration offshore since 2000. However Suriname’s eviction of an oil rig and other challenges delayed exploration in the most feasible offshore areas.
Is is just me or is the PPP concentrating all developments within the county of Berbice?
This is a pertinent observation that must be explored.
This lady is so full of hate & aggression, it’s not funny anymore. Have a peaceful day B.R
We should all hail the Presi for getting tough with CGX. They are sitting on this project hoping for the world to come out of the depression so as to generate more profit. Guyana needs more development now, not next quarter century. Now, Mr. Silly is using fancy jargons to confuse some gullible bloggers and Guyanese people. We don’t care for your jargons…drill baby, drill.
sam, since when expressing an opinion is hateful ? you living in the wrong country bro.
WHAt DEVELOPMENTS? What’s in Berbice that’s not been in Demerara (Region#4)for decades? Name one community in Berbice that recieves any utilities for free, or subsidised by the state? What’s wrong in developing the other counties? Don’t Guyanese live in thge other Counties too.
Wrong Dude ! CGX knows that there is a national election soon. They have to make sure of the political climate to protect their investment.
“bOO HOO HOO…me is so sad wid this ne. Oil gon so flow and Guyana will have even greater rogress and evlopment. Boo hoo hoooooooooooooooooo….” (in quotes with no hopers bawling…)
well georgetown is crowded wiht businesses. Berbice is the next best location for shipping and trucking….
Georgie:
You are so wrong. Why did CGX changed it mind? (It is going to drill next year b4 elections). Why was Norway so excited to endorse the President’s LCDS initiative. You are so wrong…and confused!
Express a opinion is not hateful however it is quite obvious that this individual has a personal vendetta against the PPP.She/he seems to always be the first person to set her poison pen against the PPP. Incidentally why is only her IP address being shown and not her country?
Well, its about time!! Lets hope no more excuses by second half of next year!
Any word on the Hydro Electricity project??
So our President had to make a public statement for CGX to tell the Guyanese people when they were prepared to commence drilling! However the second part of next year could be December 2010, it’s just too broad based. I believe they should be given a time when drilling must start and if they don’t begin at that time they ought to pay royalties to us.
O I L.
BLACK AND BOLD splashed across SN front page. (Maybe Chronicle first).
I can’t wait to see my country catapulted to the top of the financial World where we can have the good life in a developed and wealthy “South American Dubai” finally.
(Good)…EXCELLENT going Mr. President Jagdeo, keep the good work and our country up.
Like Jimmy Cliff said in the song,
“Better days are coming, by and by.
Don’t you get downhearted, don’t you cry.
Troubles would be over”.
I would rather hold my breath and not be excited by this on again off again saga of drilling. With all the data, I cannot understand why all the premature/conflicting press releases. Are these companies experienced enough?
Mackydog, what makes u think the revenues from this project will go to the development of Guyana?
You keep dreaming, “catapulted to the top of the financial World ” this is a joke.
The situation in Guyana, speaks for itself, do you live under a rock???
To=day my heart is happy.
As kaieteur gold would say Jobs jobs, Drill baby drill.
don’t count the chickens yet, for he eggs can be gander! LOL