Viable oil reserves could be discovered
in Guyana in 12 months – CGX head

The Chief Executive Officer ( CEO) of CGX Energy Incorporated, Kerry Sully, said that oil ( commercial quantities) could be discovered offshore Guyana in the Guyana Basin within the next 12 months. He revealed how Guyanese could benefit from such a discovery. He made these statements at the 15th Annual Guyana Manufacturers and Services Association ( GMSA) Dinner and Awards Ceremony on Thursday.

Sully explained that the Canadian oil exploration company started negotia tions with Guyana in 1996.

Since that time, CGX has been making all the necessary preparations, and had surveys conducted to begin its operations, he said. Sully noted that after research and surveys conducted by the International Energy Agency and the United States Geological Survey indicated the presence of oil, CGX took the opportunity to explore the Guyana Basin.

“ We think there is a tremendous amount of opportunities, not only in the exploration of oil but also the industry for gas for Guyana,” he said. Sully explained that in offshore Guyana, French Guiana and Suriname, there have only been 22 wells drilled, in a 52- year period, which generally have fully explored or penetrated the sea bed.

Best crude oil in the world offshore Guyana

“ In 1975 there was a well drilled by Shell called the Abary Well, which had an in- well blow occurring beneath the surface of the earth and resulted in the discovery of some crude,” he stated. Sully explained that the crude found was of high quality, and it is considered the best that can be found in the world.

The CGX CEO ex plained that an oil find sim ilar

to that which occurred in Sierra Leone and Ghana some three years ago is likely here. Sierra Leone- Ghana find is one of the company’s largest discoveries. Sully noted that one of the world’s best oil explorers, currently in Suriname, has already indicated that there is a high possibility of oil and natural gas being found offshore Guyana.

He noted that CGX, which came to Guyana in 1998, was the first to bring the seismic technology, which produces clearer images of the earth below 10,000 feet of sea, giv ing a better picture of what to expect.

Sully said that, within the next 12 months, CGX will be drilling six wells offshore

the Guyana Basin of Takutu, and by November28, drilling will take place in Suriname in rocks as old as a trillion years, which contained massive oil. Sully stressed that rock of the same age will be drilled via the Jaguar One well offshore Guyana. This will be done with the help of Repsol ( a Spanish oil exploration company).

The company’s CEO stressed that even if oil is not found within the stipulated period, there is a higher chance of a discovery in the following year. “ Right now, all eyes of agencies are on the Guyana Basin,” he noted. Sully also explained that Guyana is also recognised for its climate change initiative and as one of the leaders in the fight against climate change.

The world produces and consumes 88 million bar rels of oil each day, burning about a billion barrels of oil