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Guyana’s fossil fuel pursuit no contradiction

Dec 27, 2009 News


– Jagdeo

Guyana’s pursuit of fossil fuel whilst pursuing a Low Carbon Development Strategy is no contradiction.
This is the opinion of Head of State Bharrat Jagdeo who, during a Christmas Eve press briefing, reiterated that developing countries such as Guyana are not required to accept any binding agreements as it relates to cutting emissions.
“We just need to lower our trajectory…it is not contradicting,” said Jagdeo.
The President did point out that that fossil fuel will be subjected to a penalty.
Only recently CGX Energy Inc, which was criticized by President Jagdeo, announced that it is scheduled to start drilling for fossil fuel in Guyana in the second half of next year.
CGX President Kerry Sully who also recently met with the President said, “We were happy to report to the President that CGX is scheduled to drill under the Corentyne licence in the second half of next year. The 3D seismic programme undertaken by CGX succeeded in delineating a highly promising drilling target and CGX has developed and is now actively advancing its drilling programme in Guyana’s Corentyne region aimed at multiple targets.”
Sully, in a subsequent statement, emphasized “CGX’s appreciation of the ongoing support of the President of Guyana and of its government and people”.
So far in its exploration and drilling plans for the Corentyne concession offshore Guyana, CGX Energy reported that it has data interpretation on the recently completed seismic programme identifying the drilling location and has customised the requirements of the selected drill location.
Jagdeo had said that he has made it clear to CGX that the company needed to move “beyond talk now to putting down a well.”
CGX Energy Inc. is a Canadian-based oil and gas company focused on exploring for oil in the Guyana-Suriname basin. Its licences in Guyana cover 9.5 million gross acres, 7.2 million net.
In 1996, the founders of CGX began negotiations with the Government of Guyana to acquire an offshore concession to explore for oil.
Meanwhile Guyana is also pursuing simultaneously a low carbon development strategy where it is seeking, inter alia to be paid for services provided for by its pristine forest namely as a carbon sink in capturing emissions that is produced by burning fossil fuel.

(Gary Eleazar)

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