Page 10 - LatAmOil Week 12 2021

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CGX reports on progress of

Berbice deepwater port project

CANADA’S CGX Energy reported last week port yard to a local company. He did not name
that it had resumed work on a deepwater port the winner of the tender, but he did say that the
facility that will support oil and gas projects in local contractor would be responsible for revis-
Guyana’s offshore zone. ing plans for the dredging of the harbour.
In a statement on its performance in 2020, The Canadian company serves as the oper-
CGX said it had already invested $1.2mn in ator of two blocks in Guyana’s offshore zone –
projects related to the port facility, which will be Demerara and Corentyne. It has not yet made
built at a site nearly 5 km away from the mouth any large-scale commercial discoveries at these
of the Berbice river. It also said that one of its sites, but it has indicated that it will make the
subsidiaries, Grand Canal Industrial Estates, Berbice port facility available to oil companies
had resumed work on the project in line with involved in separate projects offshore Guyana
new contracts signed last October. and its neighbor to the east, Suriname.
According to Gabriel de Alba, the co-chair- The port is slated to be completed and
man of CGX, one of these contracts provides launched early next year. ™
for Grand Canal to renovate a 3.1-km road that
connects the Corentyne Highway to the port.
Work on this project, which is expected to carry
a price tag of $703,000, has been underway since
October 18, 2020, he said.
Grand Canal has also agreed to build a bridge
along the road that is being renovated for the
sum of $450,000, he noted.
Alba further stated that Grand Canal had
“resumed construction of the Berbice deepwa-
ter port, the aim of which is to accommodate the
rapidly growing exploration activities across the
Guyana-Suriname basin, as well as to support
growth of the Guyanese economy by supporting
agricultural, containerised and general cargo.”
He added: “We are excited about our opportu-
nities to generate value for our shareholders.”
Additionally, he noted that CGX had
awarded a $27,200 contract for civil works on the Artist’s rendering of Berbice port facility (Image: CGX Energy)

SURINAME
Tullow’s GVN-1 well proves disappointing

TULLOW Oil (UK/Ireland) and its partners in have been completed, the company will work
Block 47 offshore Suriname have finished drill- with its partners to “assess the data gathered
ing the Goliathberg Voltzberg North-1 (GVN-1) from the well and carefully consider [the] next
exploration well without making a commercial steps,” it added.
discovery. GVN-1 is the second exploration well to
According to a statement from Tullow, be drilled at Block 47 – and the second to yield
GVN-1 was drilled to a total depth of 5,060 disappointing results. The first was Tanager-1,
metres in 1,856-metre-deep water using the which was completed last November. The Tan-
Stena Forth drillship. The well encountered ager-1 well encountered hydrocarbon shows,
a good-quality reservoir but registered only but Tullow indicated late last year that it would
minor shows of crude oil, the statement said. probably classify the site as a non-commercial
Accordingly, GVN-1 will now be plugged discovery unless it could be linked to another
and abandoned, Tullow said. Once these tasks nearby development initiative.

P10 www. NEWSBASE .com Week 12 25•March•2021