You Are Here: Home » News » CGX to begin exploration again for oil

CGX to begin exploration again for oil

2 years after Guyana won that maritime dispute with suriname, the CGX Oil Company which was forced from the disputed area 7 years before that resolution is getting ready to recommence its oil exploration in full in the area just off shore of Guyana. The Canadian company has already completed a number of surveys, it is set to begin drilling but it could take another 4 years before discoveries begin to take place, the company however is confident that it is in the money.

CGX President Kerry Sully said his company is excited about the prospects.

The company is convinced that far beyond the ocean’s floor, there are billions of barrels of oil and natural gas waiting to be discovered and it is investing heavily in the project, confident of the returns.

This is not the first time that moves are being made to locate and drill oil offshore Guyana, in fact, for 50 years different companies have made different efforts, changing technology now allows greater exploration.

Whenever the oil wells begin to spill over, if they ever do, Guyana stands to benefit a lot according to the company. Jobs will be provided long before the discoveries are made, training facilities will be set up and the government could see its bank book enjoy some pretty hefty deposits. Millions of US dollars have already been spent in the exploration process.

Leave a Comment

© 2016 Capitol News Guyana

Scroll to top