Canadian Oil Firm CGX to Begin Offshore Drilling in Guyana


Above: CGX President Stephen Hermstone meeting with Guyanese President Donald Ramotar (Photo: GINA)

By the Caribbean Journal staff

Canadian oil exploration firm CGX has been cleared to begin drilling one of two wells in the Guyana offshore oil concession, according to President and CEO Stephen Hermestone.

The Ocean Saratoga, a semi-submersible drilling rig, arrived in the country on Sunday.

Hermestone was meeting with Guyanese President Donald Ramotar.

“We’ll see what the well results show us,” he said. “We hope to find the oil … you always plan for the best.”

The Ocean Saratoga left the Gulf of Mexico on Jan. 1, and refueled in Trinidad.

According to Hermestone, the anchor lines were secured and drilling will be the next major operation.

CGX recently said its 1,160-square-kilometre 3D marine seismic contract had been completed.

According to the government, Guyana is the second-most attractive under-explored basin in the world, with potential for 15.2 billion barrels of oil.

That has attracted a number of suitors, including US firm Anadarko, which held talks with the government in September.

Last week, ExxonMobil held talks with Guyana’s government on the subject.


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