Canadian company drills Guyana for oil

Monday, May 9, 2005

GEORGETOWN, Guyana (AFP): A Canadian oil company is to begin drilling in one of the world's largest remaining oil basins next week, Guyanan officials said Saturday.

The Guyana Geology and Mines Commission confirmed that the oil exploration rig arrived in Guyana from Trinidad on Thursday for CGX Energy.

"Once we have the rig offloaded, it will take three to four days to transport and setup," CGX Energy spokeswoman, Charlotte May, told AFP.

Top CGX officials have flown to Guyana to observe the onshore drilling more than 120 miles east of Guyana's capital, she said.
President of CGX Energy, Kerry Sully, said the company plans to drill four wells in the area, at a dryhole cost of approximately 5.2 million dollars US, with a maximum target depth ranging from 4,000 feet to 6,200 feet.

Drilling was scheduled to have started last October but a violent hurricane season in the Caribbean and Guyana's devastating flood in January and February delayed the transportation of the rig.
The onshore area in Guyana is similar to existing oil fields in neighbouring Suriname, where authorities have recently found 100 million barrels of oil, officials said.

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