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February 27, 2013
CGX to invest US$1B over the next five years
Guyana Times

Canadian oil exploration firm CGX Energy Inc on Wednesday announced that it will be investing some US$1 billion within the next five years in its operations in Guyana, as it continues its search for oil and gas. 

From left to right: Pacific Rubiales Energy Executive Chairman
Serafino Iacono, C
GX Energy Inc Chairman Dr Suresh Narine,
Transport and Hydraulics Minister Robeson Benn, CGX Energy Inc
co-founder Kamal Dookie and Pacific Rubiales Energy’s Ronald Pantin

CGX Inc Executive Chairman, Dr Suresh Narine said the company has been operating on these shores for the past 15 years and plans to continue its search, given the possibility of a large find. “CGX has proposed a work plan that spans between an estimated US$600 to US$1 billion of expenditure over the next five years,” Dr Narine said.

He recommitted to ensuring that the Canadian oil firm works more aggressively in its search for these precious natural resources, whose discovery would mean huge growth in Guyana’s economy and massive future development. According to him, CGX has stood close to Guyana in its efforts to find oil and gas and will continue on this commitment.

The chairman said the total investment during the past 15 years of CGX’s operations here is in excess of US$290 million. He added that while local employment has not been large, the company currently employs some 80 full-time staff. In excess of 300 people are usually employed during drilling. This number is expected to increase, especially with the recently granted Petroleum Prospecting Licences (PPLs) for Corentyne, Berbice and Demerara that CGX has secured from the government.

The company plans to rejuvenate its mission by creating more employment opportunities for locals and moving one step closer to discovering oil. On this note, Dr Singh said that CGX remains committed to ensuring greater safety and will work to maintain its high level of performance and operating standards. He said the new licences present new opportunities for the company to explore deeper and work with greater aggression to find oil.

According to him, CGX will be undergoing several changes to its operations and general management aimed at ensuring better services. Dr Singh said over that over the next few weeks, the company will be announcing a total renewal of its management and board of directors, which will include more Guyanese. This will be done to maximise local  employment.

CGX, he said, has restored the hopes of Guyanese of realising a petroleum future.  “We have stayed true to that promise and indeed we have spent approximately 75 per cent of all petroleum expenditures in this basin… in this basin, there are some of giants in the oil and gas industry in the world.”

The new partnership is to rejuvenate and re-energise the vision and strategy of the company.

New partnership

The company’s chairman also announced that it will be partnering with another petroleum exploration and production company Pacific Rubiales Energy. (See other story on page 17). Dr Narine noted that there was a need for CGX Energy to secure the requisite finances to pursue the aggressive work plan it hopes to deliver within the next five years.  The decision, he said, to partner with the other company was not just for the income benefits that can be brought to the table, but because this company has been able to deliver more success in this basin more than any other exploration company in the world.

“Geologically, they have been more than 80 per cent successful in all prospects that they have pursued, including Brazil, Peru, and Colombia,” he said.  The agreement will see CGX Energy Inc receiving Cdn$40 million, which will cover the company’s outstanding bills.  

In early 2010, Pacific Rubiales Energy was the largest independent oil company operating in South America and in terms of private companies the fastest growing one in Colombia.  In 2011, it was responsible for a 41 per cent growth in oil production in Colombia. Pacific Rubiales Energy holds 30 per cent of the total shares in the CGX Energy Inc.  The company’s executive director and chairman, Serafino Iacon said his company sees great potential of discovering a massive oil find and based on its experience, it will work closely with CGX Energy Inc to achieve this goal. Iacon said there is an  excellent chance that Guyana will be an oil-producing country, but only time will tell. He also stated that the company plans to look at investing in other areas.



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