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August 26, 2012
CGX preparing for new exploration well -- as interest remains in Guyana Basin
Stabroek News

Despite the failure of recent efforts to find oil in commercial quantities here, there is continued interest in the Guyana Basin in both near shore and in deep water locations and Canadian exploration company CGX is starting preliminary work on plans for a subsequent exploration well in their Contract Areas.

"CGX Resources Inc have given the assurance of their commitment to continued exploration in the basin. In that regard, CGX has commenced preliminary work on plans for a subsequent exploration well in their Contract Areas," Minister of Natural Resources and the Environment, Robert Persaud told Stabroek News recently.

In the past few months, a CGX exploratory offshore well, Eagle 1, and another the Jaguar 1, which was drilled by a Repsol-led consortium, failed to find oil in commercial quantities off-shore Guyana.  Having closed operations at the Jaguar 1 location, the Atwood Beacon drill rig departed Guyana on July 26, while the Ocean Saratoga drill rig, having completed operations at the Eagle location, departed Guyana in May. Repsol and its partners have since met with the ministry and the Guyana Geology and Mines Commission and it was mandated that the engagement towards a continuance in exploration operations proceed in a timely manner.  

Meantime, Persaud said that Esso/Shell, which operates as a joint venture in the deepwater Stabroek block, has committed to the next phase of their operations, which is a 3D seismic survey to be conducted at the beginning of the next quarter, subject to permissions and other requirements being completed. 

The formalising of this advance to the next phase is to be concluded shortly between the government and the Esso/Shell, he said. 

Another company, Anadarko ' has commenced work to assimilate other available data with 'what they have already procured. 

The newly licensed company is excited to be able to move ahead with their project, he said.  

Another company, NABI Oil & Gas has not made any new progress with regard to their onshore Mahaica block which was awarded in June 2012.  

"ON Energy is seeking to revive their operations in the Berbice block, coastal onshore. Once government and ON have formalized this situation, ON anticipates new data acquisition in the area,"   the minister said.  

Just this week, the Takutu Oil and Gas Inc and government concluded a renewal agreement and as a result the former will recommence exploration for oil along the Takutu Basin, which had started in 2010. 

The company's well drilled in 2011 came up dry. "Plans are in progress for another exploration well attempt in the Takutu Basin,  after their unfavourable outcome in 2011," Persaud said.

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