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Oil company CGX is still optimistic that they will discover oil.

The Oil company CGX is still optimistic that they will discover oil and that sentiment was expressed  at a press conference held at the Pegasus Hotel, on Friday last to update stake holders and the public about its operations.

when Attorney-at-law Nigel Huges asked whether Guyana has the institutional infrastructure to manage the economic development and the financial management  Board Chairman of CGX. Dr. Suresh Narine said that there is no such institutions as yet but with time and consultation that can all change.

When asked whether the citizens will benefit from the discovery, Dr. Narine said that will be up to the politicians but hopes to see a healthy discussion among the political leaders.

Canadian High Commissioner David Devine said that it is not CGX call to say  how revenues generated  are spent but it is up to the government.

Should CGX hit oil a survey done by The United States Geological Survey USGS estimates  some  15 billion Barrels of oil in the Guyana Suriname Reserves.

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