CGX Energy Inc V.OYL

Alternate Symbol(s): CGXEF

Energy Oil & Gas E&P

CGX Energy Inc. is a Canada-based oil and gas exploration company. The Company is focused on the exploration of oil in the Guyana-Suriname Basin and the development of a deep-water port in the Berbice, Guyana. The Company holds interests in three petrol prospecting licenses, such as Corentyne, Berbice, and Demerara Blocks in the Guyana Basin. The Company has drilled two operated exploration wells on its offshore Corentyne Block and drilled three more exploration wells on its onshore Berbice Block. In addition, it has acquired and processed over 7,000 square kilometers of three-dimensional (3D) seismic data on its offshore licenses. The Company through its wholly owned subsidiary, Grand Canal Industrial Estates Inc. The Company is engaged in the development of the Berbice Deep Water Port in Region 6, Guyana. Its other subsidiaries include CGX Resources Inc., ON Energy Inc., and others.

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CGX Energy Inc

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Post by mark92on Apr 08, 2022 6:21am

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Post# 34586909

South America’s Newest Oil Boom Is Gaining A War Time Boost

Source: Staatsolie.

Block 5 was awarded to Chevron while Blocks 6 and 8 went to a consortium composed of TotalEnergies (40%), Qatar Petroleum (20%), and Staatsolie (40%). In December 2021 Chevron sold a 20% stake in Block 5 to energy supermajor Shell while retaining a 40% interest with the remaining 40% held by a subsidiary of Staatsolie. CGX Resources, along with partner Frontera, January 2022 oil discovery in the shallow water Corentyne Block in offshore Guyana bodes well for the success of Suriname’s shallow-water blocks. The Corentyne Block is contiguous to Block 58 offshore Suriname as well as the shallow water blocks 5 and 6.

Analysts believe that the petroleum fairway running through the Stabroek Block extends into the northern tip of the Corentyne Block, where CGX made the Kawa-1 discovery, and into Suriname’s shallow-water blocks 6 and 8.

In a June 2021 speech, Suriname’s President Chandrikapersad Santokhi stated that his administration expected Apache and TotalEnergies to make a final investment decision regarding developing Block 48 by the end of 2022. Paramaribo anticipates that first oil from Block 58 will be produced by early as 2025 or 2026 at the latest. According to industry consultancy Rystad Energy, Suriname’s oil production will reach 650,000 barrels per day by the end of this decade. That will deliver a tremendous financial windfall for a country ranked as the fourth poorest, by per capita gross domestic product, in South America. It will also provide Paramaribo with the opportunity to not only resuscitate an economy caught in a deep crisis that was sharply exacerbated by the C-19 pandemic but to restructure Suriname’s onerous sovereign debt.

By Matthew Smith for Oilprice.com

https://oilprice.com/Energy/Energy-General/South-Americas-Newest-Oil-Boom-Is-Gaining-A-War-Time-Boost.html