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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 19, 2022 2:10pm
198 Views
Post# 34445109

‘Unity Gold’ lighter and sweeter than other carbon-intensive

‘Unity Gold’ lighter and sweeter than other carbon-intensive

ExxonMobil’s latest offshore development to start-up in Guyana is producing a lighter and sweeter crude blend which analysts say is less carbon-intensive than other Latin American blends and even a little lighter than the original Liza.

According to an ExxonMobil pre-production assay for “Unity Gold”, the oil averages 33.5 API gravity and 0.42% sulfur.

“That makes it lighter and sweeter than many other more carbon-intensive crude oil blends being produced in Latin America, and slightly lighter and sweeter than original Liza, which has an API of 32 degrees and sulfur content of 0.58%,” S&P Global Platts said in a report.

The first FPSO, the Liza Destiny, began producing in December 2019 and reached maximum capacity of 120,000 b/d in December 2020. Its production capacity is expected to increase to more than 140,000 b/d gross this year following production optimization work, Hess Corporation, a 30% stakeholder at the Stabroek Block said.https://oilnow.gy/featured/unity-gold-lighter-and-sweeter-than-other-carbon-intensive-blends-in-latin-america-platts/

A third development at Stabroek is under construction to produce at the Payara field, utilizing the Prosperity FPSO. It is on track for first oil in 2024 with production capacity of around 220,000 b/d gross.

A field development plan for a fourth Stabroek development at the Yellowtail field has been submitted to the Guyana government for review, along with application for environmental authorization. That FPSO should have a production capacity of about 250,000 b/d gross, with 2025 startup. Guyanese authorities have said this approval is expected soon, as a review of the Field Development Plan is underway and will soon wrap up.

At least six FPSOs with production capacity of more than 1 million gross barrels of oil per day are anticipated online at Stabroek by 2027, with the potential for up to 10 FPSOs to develop the gross discovered recoverable resources currently estimated at more than 10 billion barrels of oil equivalent.

The partners, which also include China’s CNOOC with a 25% stake, made two discoveries in January, Fangtooth and Lau Lau. That brings the total of significant Stabroek discoveries to over 20, excluding a few large appraisal wells.

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