The Ministry of Natural Resources, in keeping with its commitment to release major contracts between the Government of the Cooperative Republic of Guyana and companies in the extractive industries sector, now makes available the contract with CGX Resources Inc. The contract documents are available on the Ministry’s website www.nre.gov.gy and on the Department of Public Information’s website www.dpi.gov.gy
CGX is a Canadian oil and gas exploration company that currently holds three licenses in the Guyana-Suriname Basin; Corentyne and Demerara in the offshore basin, and Berbice in the coastal, onshore area under its subsidiary On Energy Inc.
In 1998, the Guyana Government awarded a Petroleum Licence to CGX in the offshore Guyana Basin and in June 2000, CGX had commenced drilling operations when Surinamese naval gunboats forced the jack-up rig off the Eagle-1 well.
Guyana commenced legal proceedings at the International Tribunal on the Law of the Sea (ITLOS) to resolve the maritime border dispute with Suriname and in 2007 the Tribunal awarded Guyana at least 93% of the disputed area.
On November 27, 2012, CGX was awarded a Petroleum Licence for the Corentyne Block and then in February 13, 2013, the company was awarded a Licence for the Demerara Block. The company initiated various exploratory surveys but over the years, work has been paused as further options are reassessed.
In December 2017, CGX committed to a restructured programme of work covering the Corentyne and Demerara Blocks.