‘CGX will not play us’ – Gov’t insists on specific plans from company

General Secretary of the PPP/C, Dr. Bharrat Jagdeo during a party press conference at Freedom House (Photo: News Room/August 23, 2023)

So what really is happening?

CGX only holds a small portion of the Corentyne Block because it relinquished much of the block in keeping with its exploration agreement with the government.

Last year, however, CGX found oil at its Wei-1 well. That well is located 14 kilometres west of the Kawa-1 discovery in the block. In January 2022, CGX and Frontera found oil at the Kawa-1 well but decided to focus on Wei-1.

It was previously noted that further drilling in the Corentyne block is contingent to positive results at Wei-1. The joint venture reportedly has no further obligations beyond Wei-1.

In a recent notice of potential commercial interest submitted to the Guyana Government, the joint venture hopes to get extra time to appraise the discovery and evaluate its viability.

Jagdeo was clear that the government is being strict with the joint venture.

“We’ve given them time as per the law to do all they had to do but this is crunch time now.

“If they are saying they are moving to a project, they have to show us what the project is and show us how they are going to finance the project,” he said.