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Message: CGX Energy Leases Land from Guyana Government (Jan 26, 2012 Article)

This is an interesting item on CGX Energy. Land leasing in Guyana, but not sure of its accuracy since it is from an internet source. Does anyone know more background on this article or has CGX Energy provided any comments on this land lease decision (perhaps I can add this destination to my next holiday schedule !).

Berbice River - CGX gets land in Berbice for possible oil refinery


Caribbeannewsnow.com Last Update: Dec 23, 2008
January 26, 2012 | By KNews | Filed Under News

- Financing with Trinidadians explored

The government has leased a “sizeable” plot of land to Canadian oil exploration company

An oil drilling rig for CGX is on its way to Guyana.

CGX that could be used to develop some type of oil refinery as the company looks to begin drilling for oil soon.
The government’s chief spokesperson, Dr Roger Luncheon, said that the type of refinery that could be built here is not decided upon. Towards that end, he said that discussions have taken place with financial outfits from Trinidad and elsewhere to discuss plans for the refinery “proximal” to the Berbice Bridge.
He said that the government estimates that some “basic” form of oil refining could take place if CGX indeed hits oil.
CGX recently announced that the Ocean Saratoga semi-submersible drilling rig departed the Gulf of Mexico on January 1st and is now under tow to the Guyana-Suriname Basin to drill the Company’s Eagle-1 well. The Eagle-1 well will be drilled on the Company’s 100% owned and operated Corentyne Petroleum Prospecting License, offshore Guyana. It is anticipated that the Ocean Saratoga will arrive on location around the end of January.
CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin, an area that is ranked second in the world for oil and gas prospectivity by the United States Geological Service. CGX is managed by a team of experienced oil and gas and finance professionals from Guyana, Canada, the United States and the United Kingdom.
Luncheon said that the government is trying to prevent from happening in Guyana what has happened in other countries where a “legion” of foreigners is imported to fill the needs of the oil industry.
As a result, he said that the curriculum at the University of Guyana and the technical institutes could be revamped to cater for professionals and skilled workers who would be needed to work should oil be found.
Meanwhile, Dr Luncheon said that while the prospect exists for a permanent bridge across the Berbice River, the thought of the current floating bridge across the river being re-sited does not seem feasible at this time.
He said that the “private” owners of the bridge would likely want to recoup their investment over the 20-year period that has been agreed to.

Here is an old reference from 2008 to Berbice River Bridge, just in case there is a few people out there who have not yet had the opportunity to cross the bridge, on their Guyana holidays. After all, it is a floating bridge.

Berbice River


Caribbeannewsnow.com
Last Update: Dec 23, 2008
GEORGETOWN, Guyana: The US$40 million Berbice River floating Bridge in Guyana is scheduled to open on Tuesday. Up to Monday night workers were working on the roadway leading to the bridge to have it completed before the scheduled opening date, since heavy rains disrupted work for the past weeks.
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