Canadian oil explorers CGX Energy Inc and Frontera Energy Corpora-tion yesterday announced a commercial oil find off the Corentyne coast and this is to be further evaluated.
The declaration of the find would be particularly gratifying for CGX which was formed in 1994 and in 2000 began drilling for oil of the Corentyne until it was chased off by Surinamese gunboats in an action that froze exploration in the area until Guyana won its case before the International Tribunal for the Law of the Sea.
Yesterday’s announcement of the find underlines the riches of the Guyana-Suriname oil basin which has seen both countries notching up huge discoveries. ExxonMobil alone has nearly 30 finds in the Stabroek Block and UK company, Tullow has also discovered hydrocarbons in the Orinduik and Kanuku blocks.
