Vice President, Dr. Bharrat Jagdeo has signaled that the government is prepared to reveal concerns about inflated costs if Canadian oil company, Frontera Energy, pushes ahead with legal proceedings over the Corentyne Block.
At his press conference last Thursday, Jagdeo stated, “So if they take legal action, we would vigorously defend the legal action and I think we should release all the documents, the letters we wrote to them, so that their shareholders would see what we sent to them.
“I’m not so sure this is a publicly traded company, but the shareholders have a right to see the correspondence from our side to the executives of this company.”
He added, “we have a ton of other issues that we have about issues of inflated costs etc but I guess that would be best addressed, that should we need to do so through an affidavit if they pursue legal action.”
Jagdeo’s remarks followed those by Frontera’s Chief Executive Officer, Orlando Cabrales, who stated that it still holds rights to the Corentyne Block, despite the Government of Guyana declaring that the licence for the joint venture (JV) partners (Frontera Energy Guyana Corp. and CGX Resources Inc.) expired earlier this year.
However, the JV has insisted that both its Petroleum Prospecting Licence (PPL) and Petroleum Agreement (PA) for the block are still valid.
Moreover, Frontera has also pegged the Corentyne Block Exploration and Evaluation (E&E) asset value at US$432.3 million as of March 31, 2025. The company cited significant oil potential in the block and a development plan that includes subsea infrastructure and production facilities.
