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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 Feb 13, 2022 7:25am
266 Views
Post# 34424024

‘One Guyana’ will deliver biggest daily production for new o

‘One Guyana’ will deliver biggest daily production for new o

Pegged at a massive 250,000 barrels of oil per day, the floating production storage and offloading (FPSO) vessel for ExxonMobil’s fourth project at Stabroek Block has been named One Guyana and will join its sister vessels Liza Unity, Liza Destiny and Prosperity.

Commenting on the start-up of oil production operations last week on the Liza Unity FPSO, Mike Ryan, Production Manager at ExxonMobil Guyana, said, “we have a fourth [FPSO] Yellowtail on the way actually named One Guyana…and we have potentially up to seven to ten oil and gas developments.”

The combined output of these developments will push Guyana’s daily production to well over 800,000 barrels of oil per day by 2025.

The field development plan and application for environmental authorization for the Yellowtail project have been submitted for government and regulatory approval which is expected soon.

Dutch floater specialist SBM Offshore has been awarded contracts to perform Front End Engineering and Design (FEED) for the One Guyana FPSO.

The company said following FEED, subsequent government approvals in Guyana for the development plan and project sanction including final investment decision by ExxonMobil, it will construct, install and then lease the FPSO and operate it for a period of up to 2 years.

SBM Offshore will design and construct the FPSO using its industry leading Fast4Ward® programme allocating the company’s sixth new build, Multi-Purpose Hull combined with several standardized topsides modules.

The One Guyana FPSO will have associated gas treatment capacity of 450 million cubic feet per day and water injection capacity of 300,000 barrels per day. The FPSO will also be spread moored in water depth of about 1,800 meters and will be able to store around 2 million barrels of crude oil.

Building on the experience to date on the Liza Destiny, Liza Unity and Prosperity FPSOs, SBM Offshore said it continues to commit to local content development in Guyana through sourcing fabrication scope locally and the integration of Guyanese engineers in the execution and operational teams.

https://oilnow.gy/featured/one-guyana-will-deliver-biggest-daily-production-for-new-oil-nation/

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