Latest update March 27th, 2026 12:40 AM
Govt. willing to meet with CGX to facilitate investment
…but maintains Corentyne Block licence expired
Minister of Natural Resources, Vickram Bharrat
Kaieteur News – Minister of Natural Resources, Vickram Bharrat, has clarified that any future engagement with the joint venture (JV) between CGX Energy Inc. and Frontera Energy Corporation will focus on determining the way forward.
During a sideline interview with Kaieteur News on Saturday night at State House shortly after being sworn in for a second term, Minister Bharrat confirmed that the ministry did receive a correspondence from the JV.
He said it was then decided to have a meeting with CGX and Frontera, “at some point in time.” Last month, the JV disclosed that it received a final communication from the Government of Guyana informing them of the state’s willingness to possibly a final meeting. The JV said government maintained its position and rejected the oil companies’ claims regarding the status of the Corentyne Block licence, reaffirming that the JV’s interest in the Corentyne Block had expired on June 28, 2024.
“At this time, I can’t say what that engagement, when it will be or what nature that engagement will take, but we maintain our position that the licence has come to an end and we are open to talks on how do we move forward,” the minister said.
Minister Bharrat noted that while the government maintains its position, it is willing to meet investors and facilitate investment. He stressed that the government’s role is to facilitate investment in the country’s best interest. “As you know, we are government that facilitates investment and investors, so we’re willing to meet with any partner once it’s in the interest of Guyana and development of our country,” the minister added.
After more than two decades of exploration, the JV finally struck oil at the Kawa-1 well in January 2022. Just ahead of the June 28, 2024 deadline for the block’s appraisal programme, the JV submitted a Notice of Potential Commercial Interest to government for the Wei-1 well, on June 26. The government later said stringent conditions would need to be met to retain the block. In March 2025, the government issued a 30-day notice and gave the oil companies a chance to make representations. Government was open to good-faith negotiations within the specified timeframe.
Government eventually cut ties with the JV in relation to the Corentyne Block and said that it is of the view that there are no reasonable grounds to grant an extension to CGX and Frontera for their exploration and appraisal obligations.
However, the JV has maintained that its interest in the Corentyne Block remains valid, even after receiving a formal communication from the government stating that the Petroleum Prospecting Licence (PPL) and Petroleum Agreement had ended.
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The License has ended, expired, not valid anymore.
Too many delays may have caused this venture to end.