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Bullboard - Stock Discussion Forum 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... see more

TSXV:OYL - Post Discussion

CGX Energy Inc > CGX pushes start-up of Berbice Deep-Water Port to late 2024
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Post by Devanand1 on May 13, 2024 1:37pm

CGX pushes start-up of Berbice Deep-Water Port to late 2024

Through its local subsidiary – the Grand Canal Industrial Estates (GCIE), CGX has undertaken the construction of the US$130 million deep-water port in the Berbice River which includes a wharf facility and a trestle as well as a cargo terminal. The port facility is being constructed to support oil and gas activities offshore of Guyana.

In an update back in March, the company had said that cargo operations at the port were slated to start in the second quarter of 2024. However, in its Quarterly Highlights for the first three months of 2024, which was published on May 8, CGX reported that operationalisation has been shifted to the third quarter of this year.

“Initial cargo operations at the port are expected to commence in the third quarter of 2024, projected based on expressed interest from third parties to utilise the Port for the importation and storage of aggregates,” the Energy company said in its Q1 Highlights.

This is not the first time the highly-anticipated and touted project has faced delays with CGX hoping to start operations in 2022. Over the past year and a half, the commencement timeline has been shifted on several occasions.Being built on 30 acres of land adjacent to Crab Island on the eastern bank of the Berbice River and some 4.8 km from the Atlantic Ocean, the BDWP facility is intended to serve as an offshore supply base for the oil and gas industry, and as a multi-purpose terminal to service agricultural import/export, containerised and specialised cargoes, including aggregates for construction purposes.The BDW Project is also aimed at enabling the provisioning of oil operators and vendors in the territorial waters of both Guyana and Suriname.

GCIE had also previously reported that there were some minor setbacks with the project, due to revisions that were needed to the design of its wharf and trestle in the Berbice River.

As the lowest bidder, GAICO Construction and General Services Inc. was selected to construct the 160-foot access trestle and wharf and to perform the required dredging operations for the BDWP facility to the tune of US$2.1 million.

In its Q1 Highlights, GCIE said “Work on the 50 x 12 m access trestle built from the quayside yard westward into the Berbice River was completed in August 2023 without any HSE (Health, Safety, and Environment) related incidents.”

The company added that so far, it has performed various developmental works on the site including the installation of vertical drains and geotechnical treatment of the quayside land. It added that riverside construction is completed on approximately 500 m of rip rap flood protection; a 10-acre quayside laydown yard built to a five tons per square metre load bearing capacity; an access bridge to the main Corentyne highway and 2.6 km access road, both built to American Association of State Highway and Transportation Officials (“ASSHTO”) standards; concrete drains and driveways for residents along the roadway and extension of municipal water and power to the port site.

According to the company, Requests for Proposals (RFP) were advertised for the wharf platform and access trestle, capital dredging program, design and construction of all gates, buildings, firefighting and first aid structures, and covered storage areas.

The port will be capable of loading and offloading vessels, mainly aggregates, from the completed trestle, as well as the storage of material at the completed port yard.

This, GCIE explained in its Q1 Highlights, will require the construction of a ramp to access the trestle as well as the installation of mooring piles to aid in bringing vessels alongside. This work will commence in early May 2024. Operation of the full cargo terminal aspects of the port is forecasted for the first half of 2025 and operation of oil and gas support is forecasted for the second half of 2025, subject to construction schedules, financing, and supply chains.

The Company is currently constructing a security fence around the port yard. Work will commence in May with the construction of a trestle extension and ramp as well as driving piles for fendering and mooring to aid in bringing vessels alongside.

Meanwhile, as it prepares to commence cargo operations later this year, GCIE said it continues to develop and foster partnerships between Brazilian and Guyanese companies; necessary to begin handling cargo from and to Roraima and Amazonas, the northern states of Brazil.

Previously, the Guyana Government had expressed concerns over the slow pace of the BWDP Project and made CGX relinquish two oil exploration blocks offshore Demerara and Berbice to the State so that the company could focus on operations in the Corentyne Block, where it made significant oil discovery, as well as on the deep-water port facility.

President Dr Irfaan Ali has on multiple occasions, emphasised the importance of a deep-water harbour in Guyana as part of his administration’s push to have the country become a major logistics and trans-shipment hub in the South America and Caribbean regions.

With work ongoing on a paved road through Lethem to connect to Northern Brazil, and with the Corentyne River Bridge to connect with Suriname pending, the aim is to use Guyana as a transshipment hub to get cargoes moved to neighbouring countries as well as to other nations in the region. (G-8)

https://www.inewsguyana.com/cgx-pushes-start-up-of-berbice-deep-water-port-to-late-2024/
 
Comment by Frank007 on May 13, 2024 8:21pm
The demand for aggregate is huge ....building construction ..bridges ..highways ..etc etc ...so this location will provide some long needed cash flow ....we may not see the deep sea port for a long while but the services of offshore and the aggregate ...maybe a batch plant ...and the money will start to flow .....
Comment by Kelvin on May 14, 2024 6:36am
The demand for oil, offshore services, shore based facilities is huge as well. Cgx seems to be having problems monetizing their assets in Guyana in order to generate income from the surging demand. Investors must be wondering what the heck is going on. Everybody and their dog is msking money on the growing opportunities except for cgx. I don't know Frank. Something ain't right. They should ...more  
Comment by westcanpride on May 14, 2024 12:03pm
Without any additional $, that port CGX is trying to complete while never occur. Based on the photos uploaded a couple months ago (thank you again), it's clear nothing has been completed over the past couple years since the last website update. Embarrassing to put it lightly. Hell, wouldn't shock me if a bunch of infrastructure probably needed to be replaced as well.  I get why FEC ...more  
Comment by Kelvin on May 14, 2024 1:50pm
Wcp, I live in Venezuela. From where I live I can be in Georgetown in about 18 hours driving down to the border with Brazil, across the top bit of Roraima state in Brazil to Letham, Guyana. Then up to Georgetown. With the new Letham - Linden highway in Guyana and the upgrades currently being done by the Brazilians on Roraima roads I can cut travel time in half. I can cruise by Angel Falls in ...more  
Comment by westcanpride on May 14, 2024 6:34pm
Sound like a pretty cool region to visit one day Kelvin.  Your right... Exxon JV has brought unimaginable amounts of opportunity and wealth to the region that did not exist over a decade ago. Let's hope the majority of citizens can partake in this growth and prosper accordingly.  Saying that, the government also has an obligation to make sure its natural resources are produced ...more  
Comment by Kelvin on May 14, 2024 7:00pm
Wcp, this area is the best and I've worked all over the planet. Especially if you love Peacock Bass fishing like I do. I bet that Guyana is loaded with great future potential fishing camps on those remote rivers and streams. Yes it's hard to figure how anybody could screw up such a great opportunity. Maybe they need to take a break, go fishing, clear their minds and refocus. 
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