Above: CGX Drilling COO Mike Stockinger, Noel Dennison of the Guyana Geology and Mines Commission, Environment Minister Robert Persaud (Photo: GINA)

By the Caribbean Journal staff

Oil firm REPSOL began offshore drilling in Guyana on Feb. 7, while Canadian firm CGX will begin its operations next week.

Spain-based REPSOL is drilling its Jaguar-1 deep well, which could take up to six months to reach the targeted depth. CGX’s Eagle well is being drilled by the Ocean Saratoga Semi-Submersible rig, and should be completed in two months at about 14,200 feet.

REPSOL has spent nearly $52 million of an envisioned goal of $180 million in expenditure. CGX is expected to spend $55 million, according to the government.

A commonwealth team is expected to arrive in Guyana shortly to share expertise, and the US government will be holding a workshop to look at revenue streams.

Guyana’s offshore waters are considered the second-most attractive under-explored basin in the world, with the potential for more than 15 million barrels of oil.