CGX semi-submersible rig arrives, drilling to commence in weeks

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-CEO, other officials meet President
THE way has been cleared for the Canadian oil exploration company, CGX, to commence drilling one of two wells in the Guyana offshore concession, with the arrival on Sunday of the Ocean Saragoga, a semi-submersible drilling rig.
President and Chief Executive Officer of the petroleum exploration company, Stephen Hermestone, made the disclosure after meeting President Donald Ramotar yesterday, in the company of Vice President Dewi Jones, and Chief Operating Officer, Michael Stockinger.
Minister of Natural Resources and the Environment, Robert Persaud, and Head of the Petroleum Division of the Geology and Mines Commission (GGMC), Noel Dennison, were also part of the meeting.
The Ocean Saratoga rig departed the Gulf of Mexico on January 1, en-route to Guyana’s territorial waters, and on its way sojourned in neighbouring Trinidad and Tobago for refuelling.
Hermestone told the Government Information Agency (GINA) that anchor lines were secured immediately after arrival and that drilling would be the next major operation.

The president and CEO of the company said he is hopeful of a good and safe operation and spoke with confidence about the cadre of operators conducting the drilling
“We’ll see what the well results show us… we hope to find the oil … you always plan for success,” Hermestone said.
Drilling of the Eagle Well will last for 60 days, and the Jaguar well 180 days. The latter is being pursued through a joint venture operation among CGX, Repsol a Spanish company, Tullow Oil of London and YPF.
CGX recently announced that Guyanese-born Professor Suresh Narine, Director at the Institute of Applied Science and Technology’s (IAST) has been appointed on the board of directors for CGX Energy Incorporated.
He had expressed gratitude for the appointment, and spoke of some of the benefits to be accrued to Guyana as an oil producing economy against those of a fuel importer.
Recently CGX announced that the 1,160 square kilometre 3D marine seismic contract that was publicised in December was completed.
Hermeston had reported that, “The seismic data is expected to provide better imaging of the up-dip limits of the Eagle Deep stratigraphic play at the Turonian and Campanian, and has provided us with the first 3D seismic coverage on our two early Cretaceous, Albian prospects (Crabwood and Kabukalli), which are underlying the company’s 100% owned Corentyne offshore Petroleum Prospecting License (PPL). Fast track processing and interpretation of the data will commence on the Albian prospects and will be followed by processing, interpretation and compilation of the Eagle deep Turonian and Campanian prospects.”
Guyana is the second most attractive under-explored basin in the world, with a potential of 15.2 billion barrels of oil. If oil is to be found, production targets would be estimated at 50 million barrels per year.
President Ramotar has been keeping abreast with activities in the oil and gas sector, and in the past week, has met some of the main companies involved in offshore drilling,
including Repsol, and Exxon Mobile.
Anadarko, America’s largest independent oil and gas company, has signalled to the Guyana Government its interest in an offshore concession as it sees the South American country as one with a great deal of promise in the oil and gas industry.
Last September, Vice President, Business Development of Anadarko, Ian J. Cooling, had met former President Bharrat Jagdeo with the proposal, and on January 17 this year, International Business Developer of the company, Richard Lapin, met Guyana’s new president with the same proposal.
A US-based petroleum company, Prime Energy LLC- Caribbean, proposed last year to construct a modular mini refinery in Guyana, with a 20,000 barrels per day capacity.