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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 Jul 13, 2022 8:29am
369 Views
Post# 34820101

World’s 2nd largest oil producer told to invest now in Guyan

World’s 2nd largest oil producer told to invest now in Guyan

A delegation from Saudi Arabia was told on Saturday that investing now in South America’s newest oil producing nation, Guyana, would be less expensive than even a year and a half down the road since the new petroleum hotspot is undergoing a major economic boom.

“I am just going to say to you one thing today, come and invest now, it will be too expensive for you to invest a year and a half from now, the decision is in your hands, the ball is in your court,” Guyana’s President, Dr. Irfaan Ali, told the visiting Saudi group, comprising government and private sector representatives.

As Guyana mulls NOC, Saudi Arabia markets itself as knowledgeable energy partner

Since ExxonMobil made its first world-class discovery at the Liza field in 2015, the company has found nearly 11 billion barrels of oil equivalent spread over 30 wells. The unprecedented deepwater success has seen investor interest in the country of just over 750,000, people at an all-time high.

“We do not have to sell Guyana anymore,” Mr. Ali told the gathering. “We just need to stick to the facts and the truth, and Guyana is blessed to sell itself naturally.”

The young Guyanese leader said the government is embarking on a journey that must position the country twenty-five years ahead of anyone else.

“We want to partner with you, we want to partner with the world. But you must understand that we also want to move quickly. We have an obligation to the people of this country to deliver to them as fast we can,” Mr. Ali urged.

Saudi Arabia’s Deputy Minister for Investors Outreach, Badr Al Badr, said tapping into the opportunities in Guyana is important since the Caribbean has become a priority zone for investments and business partnerships for the Gulf oil producing state.

Saudi investment minister promises ‘strong capabilities and assets’ in Guyana partnership

“Saudi Arabia is a good partner for Guyana, since it is the 16th largest economy in the world,” Al Badr said. “Additionally, for the past three years, the Kingdom has had a GDP growth averaging 4% over the last 25 years, and this year [2022] the economy will grow by over 9%.”

He also pointed out that Saudi Arabian companies can bring knowledge in the introduction of the technologies and supplies needed for Guyana’s transition to becoming a major oil producer.

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