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CGX Energy Inc V.OYL

Alternate Symbol(s):  CGXEF

CGX Energy Inc. is a Canada-based oil and gas exploration company. It is focused on the exploration of oil in the Guyana-Suriname Basin and the development of a deep-water port in Berbice, Guyana. The Company, through one of its subsidiaries, holds an interest in a Petroleum Prospecting Licence (PPL) and related Petroleum Agreement (PA) on the Corentyne block in the Guyana Basin, offshore Guyana. The Company, through its subsidiary Grand Canal Industrial Estates, is constructing the Berbice Deep Water Port. This facility, located on the eastern bank of the Berbice River, adjacent to and north of Crab Island in Region 6, Guyana, is being constructed on 30 acres with 400 m of river frontage. Its subsidiaries include CGX Resources Inc., GCIE Holdings Limited and CGX Energy Management Corp. It is the operator of the Corentyne block and holds a 27.48% working interest. Its Wei-1 exploration well is located west of the Kawa-1 discovery in the northern region of the Corentyne block.


TSXV:OYL - Post by User

Post by Devanand1on Jan 10, 2022 5:51am
297 Views
Post# 34298945

Oil prices not likely to rise above $100/bbl this year for a

Oil prices not likely to rise above $100/bbl this year for a

U.K. based consultancy group Wood Mackenzie says it is unlikely that oil prices will rise above $100 a barrel (bbl) for any sustained period in this year.

“Under the careful stewardship of OPEC+, the market is back in balance again in 2022 on our forecasts,” said Simon Flowers, Chairman, Chief Analyst and author of The Edge.

Flowers said demand increases by 4.5 million b/d back to pre-pandemic levels of 100 million b/d by Q3, whereas supply rises by 4.8 million b/d, around half from OPEC+.

“Implied inventories show a surplus in Q1 2022 – we do not expect a shortage of supply. Our forecast is for Brent to average US$70/bbl, marginally below 2021,” he pointed out.

Regarding risks, Flowers said due to the impact of the coronavirus and its variants, WoodMac has already trimmed 2022 demand by almost 0.1 million b/d.

The consultancy group does not expect Iran sanctions to be lifted in 2022 but up to 1 million b/d of crude could return to market within months.

As it relates to geopolitics – Flowers said Russia/Ukraine, China/Taiwan and Belarus/Poland/EU are potential flashpoints that could spook markets.

Non-OPEC supply will see countries such as Guyana adding to global output in 2022. ExxonMobil’s Liza Phase 2 Development will soon come on stream, bringing total output this year for the South American county to around 340,000 barrels of oil per day.


https://oilnow.gy/featured/oil-prices-not-likely-to-rise-above-100-bbl-this-year-for-any-sustained-period-woodmac/

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