Canadian-based oil and gas exploration company – CGX – has informed the Government of a potential commercial interest for the Wei-1 Well in the Corentyne Block, but Vice President Bharrat Jagdeo has made it clear, that the Government will not be played by CGX. 

In what could be described as a last-minute ditch, CGX and its joint venture partner – Frontera Energy Corporation – on Wednesday, submitted a Notice of Potential Commercial Interest for the Wei-1 discovery to the Government – a move that could preserve the Joint Venture’s interest in the Petroleum Prospecting License for the Corentyne Block offshore Guyana. 

The Vice President, during a press conference on Thursday, said Cabinet will discuss the notice next week. However, he said for any extension to be granted, CGX will have to provide the Government with the particulars of the project it intends to develop.  

 “But let me make it clear, CGX will not play the Government of Guyana. For a very long time, they have been jerking people’s strength – maybe their investors. But no longer, are we going to be tolerant of any ambiguity. If they are declaring commerciality now, they have to show in specific terms how they intend to develop a project, and where the finances are,” the Vice President said. 

He said CGX was given sufficient time to develop a project, and at this 11^th hour, it must do more that provide Government with a notice of potential interest. 

“We have given them time to, as per law, to do all about what they had to do, but this is the crunch time now. If they now are saying, they’re moving to a project, they have to show us what this project is, show us how they are going to finance the project,” Mr Jagdeo said. 

In 2023, the joint venture successfully drilled the Wei-1 well, its second well on the Corentyne Block, and according to CGX, the well fulfilled the obligation under Phase Two of the second renewal period of the original 10-year license and served as an appraisal well for the Kawa-1 Appraisal Programme with the Government of Guyana. 

CGX said it has engaged in regular, constructive and collaborative conversations with the Government throughout the Joint Venture’s tenure on the Corentyne Block.  

The Canadian company said its looks forward to completing these discussions in an expeditious manner. 

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