PEOPLE’S Progressive Party (PPP) General Secretary and Guyana’s Vice-President Dr Bharrat Jagdeo has issued a firm warning to CGX Energy Inc., and said that the company will not “play around” with the Government of Guyana.
This comment by the PPP General Secretary comes as a response to a Notice of Potential Commercial Interest for the Wei-1 discovery submitted by CGX Energy Inc and Frontera Energy Corporation, joint-venture partners.

During a press conference at Freedom House on Thursday, Dr Jagdeo said: “So yesterday (Wednesday), I got a call from the minister and he told me that they had received this notice. I have not examined it as yet, but we will do so next week. It will go to the cabinet.”
He went on to say: “But let me make it clear, CGX will not play the Government of Guyana. For a very long time, they’ve been jerking people’s strings, maybe their investors. But no longer are we going to be tolerant of any ambiguity.”
Dr Jagdeo said that if they are declaring commerciality now, then they have to show in specific terms how they intend to develop a project and where the finances are.

Notably, an authorised notice would enable the operator to perform an appraisal period to determine the discovery’s commercial potential, in accordance with applicable law.
The operator could then notify the government if they conclude the discovery is commercially viable. The operator is then required to apply for a production licence prior to the end of the appraisal period.
“Well, I shouldn’t be so blunt, but I’m blunt about this now. We have given them time as per the law to do all they had to do. But if this is the crunch time now, if they are saying they’re moving to a project, they have to show us what this project is and how they’re going to finance it,” the PPP General Secretary said.

In 2023, joint-venture partners, CGX and Frontera Energy Corporation, reported the discovery of multiple oil-bearing intervals at the Wei-1 well in the Corentyne Block offshore Guyana.
According to a previous media release: “The well has encountered multiple oil-bearing intervals in the western channel fan complex of the northern portion of the Corentyne block in formations of Maastrichtian and Campanian ages.”