Latest update January 1st, 2025 1:00 AM
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Oil drilling fever heats up as…CGX rig arrives
The way has been cleared for the Canadian oil exploration company, CGX, to
CGX's rig, the Ocean Saratoga, which arrived in Guyana’s waters on Sunday.
commence drilling one of two wells in the Guyana offshore concession with the arrival on Sunday of the Ocean Saratoga, a semi-submersible rig.
The news of the rig’s arrival would come days after government announced the arrival of another rig for Spanish oil exploration outfit, REPSOL. That company is set to start drilling for oil any day now and is already in place, with last-minute preparations underway.
President and Chief Executive Officer of the petroleum exploration company Stephen Hermestone made the disclosure after meeting President Donald Ramotar in the company of Vice President Dewi Jones and Chief Operating Officer Michael Stockinger, a government statement said yesterday.
Minister of Natural Resources and the Environment, Robert Persaud, and Head of the Petroleum Division of the Geology and Mines Commission (GGMC), Noel Dennison, were also part of the meeting.
The Ocean Saratoga rig departed the Gulf of Mexico on January 1, en-route to Guyana’s territorial waters, and on its way sojourned in neighbouring Trinidad and Tobago for refuelling.
Hermestone told the Government Information Agency (GINA) that anchor lines were secured immediately after arrival and that drilling would be the next major operation.
The President and CEO of the company said he is hopeful for a good and safe operation and spoke with confidence about the cadre of operators conducting the drilling
“We’ll see what the well results show us… we hope to find the oil … you always plan for success,” Hermestone said.
Drilling of the Eagle Well will endure a 60-day period and 180 days for the Jaguar well. The latter is being pursued through a joint venture operation among CGX, Repsol – a Spanish company, Tullow Oil of London and YPF.
CGX recently announced that Guyanese Suresh Narine, who is an acclaimed Professor at the Institute of Applied Science and Technology (IAST), has been appointed on the board of directors for CGX Energy Incorporated.
He had expressed gratitude for the appointment and spoke of some of the benefits of Guyana as an oil producing economy against that of a fuel importer.
President Donald Ramotar in discussion with CGX officials, Minister of Natural Resources and the Environment, Robert Persaud, and Head of the Petroleum Division of the Geology and Mines Commission (GGMC), Noel Dennison.
Recently, CGX announced that the 1,160-square kilometre 3D marine seismic contract that was publicised in December has been completed.
Guyana is said to be the second most attractive under-explored basin in the world with a potential of 15.2 billion barrels of oil. If oil is to be found, production targets would be estimated at 50 million barrels per year.
President Ramotar has been keeping abreast with activities in the oil and gas sector, and in the past week has met some of the main companies involved in offshore drilling, including REPSOL, and Exxon Mobile.
Anadarko, America’s largest independent oil and gas company has signalled to the Guyana Government, its interest in an offshore concession as it sees this country as one with a great deal of promise in the oil and gas industry.
Last September Vice President, Business Development of Anadarko, Ian J. Cooling had met with then President Bharrat Jagdeo with the proposal, and on January 17 this year, International Business Developer of the company, Richard Lapin, met Guyana’s new president with the same proposal.
A US-based Petroleum Company Prime Energy LLC – Caribbean proposed last year to construct a modular mini refinery on the local shores with a capacity to hold 20,000 barrels daily.
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