GEORGETOWN, Guyana (GINA) -- The way has been cleared for the Canadian oil exploration company, CGX to commence drilling one of two wells in the Guyana offshore concession with the arrival on Sunday of the Ocean Saratoga, a semi-submersible drilling rig.
President and chief executive officer of the petroleum exploration company, Stephen Hermestone, made the disclosure after meeting Guyana’s President Donald Ramotar.
The Ocean Saratoga rig departed the Gulf of Mexico on January 1, en route to Guyana’s territorial waters, and on its way stopped off in neighbouring Trinidad and Tobago for refuelling.
Hermestone said 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 of a good and safe operation and spoke with confidence about the 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 last for 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 acclaimed Institute of Applied Science and Technology (IAST) professor, Guyanese born Dr Suresh Narine, has been appointed on the board of directors of 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.
Recently CGX announced that the 1,160 square kilometre 3D marine seismic contract that was publicised in December was completed.
Hermeston had reported that “The seismic data is expected to provide better imaging of the up-dip limits of the Eagle Deep stratigraphic play at the Turonian and Campanian and has provided us with the first 3D seismic coverage on our two early Cretaceous, Albian prospects (Crabwood and Kabukalli) which are underlying the Company’s 100% owned Corentyne offshore Petroleum Prospecting License (PPL). Fast track processing and interpretation of the data will commence on the Albian prospects and will be followed by processing, interpretation and compilation of the Eagle deep Turonian and Campanian prospects.”
Guyana is 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.
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 the South American country as one with a great deal of promise in the oil and gas industry.
Last September vice president, business development of Anadarko, Ian Cooling, had met former 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 refine 20,000 barrels daily.
