‘More investors will flock Berbice now’ – Bharrat says on CGX oil find

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Significant investments stemming from Guyana’s oil and gas industry have been centered in Region Four (Demerara- Mahaica) but with the long-awaited oil find offshore Region Six (East Berbice- Corentyne), the government now anticipates significant investments there too.

CGX Energy, which has been searching for oil offshore Guyana for more than two decades, alongside its joint venture partner Frontera, finally found oil at the Kawa-1 well in the Corentyne Block.

This promising find was announced on Monday night and already, CGX Energy said that plans are afoot to drill another well, the Wei- 1, later this year.

“That announcement yesterday would generate a lot of interest in Berbice, I am sure a lot of investors will show up to Berbice,” Vickram Bharrat, the Minister of Natural Resources, told the News Room on Tuesday.

He also welcomed the discovery, stating that the government was always confident in the potential of the Corentyne Block.

Because of the numerous oil finds in the Stabroek Block offshore Guyana, Bharrat also explained that much investment has been centered in Region Four. Numerous shore base facilities and other support services have been established over the past few years.

Just across the Demerara River, at Region Three (Essequibo Islands- West Demerara), similar developments are occurring. Region Six, however, now promises to be another economic hub for Guyana, Bharrat contended.

Minister of Natural Resources, Vickram Bharrat

And he said the focus will be on removing the Berbice region from its “depressed mode” following the economic downturn caused by the closure of the sugar estates under the previous government.

Prospects for business development are also particularly bright now because of the region’s proximity to Suriname, which Guyana has been deepening relations with.

Minister Bharrat explained that investors should be interested in developing shore base facilities in the region to tap into oil and gas opportunities emerging from Suriname.

Already, CGX Energy has been developing a shore base- the Berbice deep water port- that promises at least 1,000 jobs during the construction phase.

In December, Dr Suresh Narine, the Executive Chairman of CGX Energy told the News Room that the multimillion deep water port could become a major hub for oil and gas business because of oil finds at nearby wells in Guyana and Suriname.

Works for this Deepwater Port are expected to cost some US $80 million.  And, the offshore supply base, which will provide support services to oil operators, is on track for a 2022 startup.

Other sections of the port, including facilities to aid with the export of agricultural products and containerised cargo, should be operational by 2023. This development alone, Bharrat said, is crucial for the development of the region.

“… we want that development to come on track as fast as possible.

“We are going to monitor very closely to ensure it is completed in a specific timeframe,” the Natural Resources Minister emphasised.

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1 Comment
  1. Stephen Monohar Kangal says

    The Guyanese gold spoon is spreading like a bonanza to achieve balanced development across the country well-endowed with dormant and fledgling economic assets that hydrocarbons wealth will harness for a Brave New Land of opportunity and exponential growth and a pole for Southward Caricom migration bidding the Big Apple Aur Revoir.
    Let us be happy for the oil fortunes of our Guyanese sisters and brothers and rejoice at the end of their second class status and treatment at Piarco, Bridgetown, Norman Manley Airport and elsewhere in the Caribbean. Oil is on the boil in Berbice and the Corentyne. Give Jah the praise!

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