Page 10 - LatAmOil Week 19 2021

LatAmOil GUYANA LatAmOil

But one of Argus’ Guyanese sources argued companies were pioneers in unrisked acreage,”
that such concerns were not the only reason to the official said. “Now that Guyana’s potential is
change the way contracts were awarded. de-risked and highly prospective through the
“Although there has been local and foreign significant finds by ExxonMobil, newcomers
criticism of the contracts [with] the ExxonMobil that will be winning bids will be prospecting
consortia as being too generous to the compa- with a greater degree of certainty. The revised
nies, the critics have to understand that these contract terms will reflect this new situation.” ™

CGX identifies new prospects at Corentyne

CANADA’S CGX Energy has said it is even
more optimistic about its chances of finding oil
at the Corentyne block offshore Guyana follow-
ing the acquisition of additional seismic data.
In a new presentation viewed last week by
OilNOW.gy, CGX highlighted the results of a
3-D seismic survey covering the northern part
of Corentyne.
The company explained that it had taken this
step in light of the discoveries made at Stabroek,
a neighbouring block operated by ExxonMobil
(US), and Block 58, a nearby site offshore Suri-
name operated by Apache (US).
It also said it had used the data collected in
the survey to develop a “new, robust, low-risk
and high-value” inventory of prospects within
the Corentyne block. This inventory will sup-
plement the existing list of prospects within the
licence area, it stated.
OilNOW.gy did not say whether CGX had
identified any of the new prospects. However, it
quoted the company presentation as saying that
it had gathered evidence showing that crude oil The 3-D survey covered the northern section of Corentyne (Image: CGX)
was trapped within plays at Corentyne that were
analogous to finds made at Liza and Ranger, two block] shows significant promise for a low-risk,
fields within Stabroek, as well as Maka Central, high-reward prospect,” it said in the presenta-
Sapakara and Kwaskwasi, finds made at the tion. “Time processing has highlighted lead
Block 58 site. areas; depth processing has now confirmed
“There is now proof that oil has migrated into these prospects.”
the area of the CGX Corentyne block,” it said. CGX and its partner Frontera Energy (Can-
The Canadian company also expressed opti- ada) are due to spud the Kawa-1 well in the
mism about its chances of finding oil in Kawa- third quarter of this year. They have arranged to
1, the first exploration well it is slated to drill at use the Maersk Discoverer drillship to sink the
Corentyne. shaft to a depth of about 6,500 metres at a site in
“Prospect Kawa in the eastern area [of the 370-metre-deep water. ™

SURINAME
Suriname receives bids for three blocks

STAATSOLIE, the national oil company (NOC) three of those blocks. It did not name the poten-
of Suriname, said last week that it had received tial investors or divulge further details. But it
bids for less than half of the eight offshore blocks did say it had begun evaluating the offers and
included in its Shallow Offshore Bid Round. would communicate with the top bidders before
In a statement, Staatsolie said participants in the end of May, prior to beginning negotiations
the contest had submitted a total of 10 offers for on production-sharing contracts (PSCs).

P10 www. NEWSBASE .com Week 19 13•May•2021