Turning Guyana block’s oil promise into reality: Two players proclaim potential commercial interest

(Offshore-energy.biz) Joint venture (JV) partners, Canada’s CGX Energy and Frontera Energy, are seeking to undertake additional action to tap into and unleash the hydrocarbon resources on the Corentyne block offshore Guyana, given the potential for a standalone shallow oil resource development across the block, which their exploration results highlighted.

As a result, the JV has submitted a notice of potential commercial interest for the Wei-1 discovery to the government of Guyana, which is said to preserve the partners’ interests in the license, as such a notice is required to secure more time for further evaluation of the discovery’s potential.

CGX and Frontera drilled the well last year as its second one on the Corentyne block, fulfilling the obligation under Phase 2 of the second renewal period of the original ten-year license and served as an appraisal well for the Kawa-1 appraisal program with the government of Guyana.

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