Vice President, Dr. Bharrat Jagdeo who is responsible for oversight of the oil sector, disclosed moments ago during a press conference at the Arthur Chung Convention Centre that CGX Resources has failed to honour its work programme for the offshore blocks it has. In fact, Jagdeo said that the company has not drilled a well in 13 years.
The Canadian oil and gas exploration company currently holds three licenses in the Guyana-Suriname basin; Corentyne and Demerara in the offshore basin, and Berbice in the coastal, onshore area under its subsidiary – On Energy Inc.
The Senior Government Official said,”…Alot of companies are knocking on our doors but all of them will be reviewed. Many of them have their licences for years like CGX. They got their licence (but there was the border issue with Suriname and that was settled since 2007). But 13 years have passed and we dont see one well in sight.” Jagdeo added, “So we will be reviewing all these companies knocking on our doors and those who have licences from way back.”