There is a 50% chance of oil being discovered here within the next 12 months, according to CGX Energy Inc’s President, Kerry Sully who said that a find could treble Guyana’s economy.
Sully, speaking to local businessmen at an awards dinner last night, told them that with preparations for drilling underway locally, there are several opportunities they can tap into. Apart from tripling the size of the economy, an oil find would have a multiplier effect through local services, Sully said at the Guyana Manufacturing and Services Association’s (GMSA) 15th Annual Presentation Awards Dinner at the Princess Hotel.
CGX and its partners including Spanish oil giant, Repsol are preparing to drill the deepest well in the region offshore Guyana next year. Following the drilling of the ‘Jaguar 1’, CGX will then drill for oil at its Eagle location in the Corentyne. Sully said that if there is a discovery next year, production can begin within four years. CGX had attempted to drill at the Eagle location in 2000 but was forced off by Surinamese gunboats. The United Nations has since resolved the maritime border between the two countries, largely in Guyana’s favour.
