CGX investing US$92M more in offshore wells

-new Canadian High Commissioner

Newly-installed Canadian High Commissioner to Guyana David Devine has announced that CGX Energy Inc will finance an additional US$92M for its share of the expected costs for two wells offshore Guyana.

CGX has a 25% interest in the Jaguar-1 well and it is also drilling the Eagle-1 well on its 100%-owned Corentyne Licence.

Devine, according to the Government Information Agency (GINA), spoke of the arrangements at a welcome reception held at his Bel Air residence on Wednesday evening, where guests included Prime Minister Samuel Hinds, members of the Cabinet, the diplomatic community and heads of foreign agencies.

“Guyana is on the verge of changes that are also more profound than any that have occurred before and even more so the discovery of oil and gas and gold mines,” Devine said. The partnerships between Canadian and Guyanese oil and gas service companies will not only see the transfer of expertise, capital and innovation into the local economy but will enhance trade links between the two countries that will ensure that the economic relationship between them expands, he added.

According to Devine, CGX has invested almost US$100M over the last decade in building infrastructure, doing exploration and development and leading oil exploration opportunities in Guyana. “We are hopeful that this dedicated partnership with Guyana will start to reap benefits for both in the near future,” he added.

Devine said Canada and Guyana have always had a strong and sustained relationship which permits both countries to take advantage of their respective strengths and “help each other find new ways to grow and prosper in an ever more competitive world. That is the challenge which we have set out for ourselves and I am confident it will be met.”

The high commissioner also said that Canada and Guyana have many similarities with their abundant resources and past and present societal conditions. He noted too that the relations between the two countries are evident in every day connections through family ties, education and employment in almost every facet of Guyanese life and that the success of Guyana is the success of Canada.

“The future is now in our hands and we must work together to ensure that future generations have a solid foundation on which to build. I am optimistic about the future and we know it can be successfully accomplished. We have seen it happen. Canada will do its utmost to make that a reality as a long-term partner and friend of Guyana,” Devine said.

In his address, the prime minister said that government will continue to work on further strengthening the substantial relation between Guyana and Canada. “We had a good relationship in the area of mining…and we look forward to the new mining agreement that was recently signed and the oil exploration by CGX,” Hinds said.

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