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More Oil Discovered In Guyana

News Americas, GEORGETOWN, Guyana, Weds. June 28, 2023: Guyana seems to be swimming in oil!

Oil and gas firms CGX Energy (OYL.V) and Frontera Energy (FEC.TO) today revealed that the Wei-1 well, located offshore Guyana on the Corentyne block, has resulted in a significant oil discovery. This development comes after the successful drilling of the Kawa-1 well in May of last year, which encountered light oil and gas condensate.

Guyana has emerged as a prominent player in offshore oil exploration following the remarkable discoveries made by a consortium led by Exxon Mobil Corp (XOM.N) in the past decade. With vast reserves of billions of barrels of oil, the South American country is now strategically focused on diversifying its oil resources and reducing the consortium’s monopoly.

The Frontera-CGX group is anticipated to become the next consortium to advance oil exploration projects in Guyana into the development phase. The companies have stated that the samples obtained from the Wei-1 well will undergo verification by an independent third-party laboratory over the course of the next two to three months, ensuring accurate assessment and confirmation of the oil discovery.

Furthermore, the joint venture has successfully concluded drilling operations at the well and is preparing to release the rig in early July. This milestone marks a significant step forward in the exploration and development of Guyana’s oil resources, further contributing to the country’s growing presence in the global energy landscape.

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As CGX Energy and Frontera Energy continue their collaborative efforts, the oil industry will closely monitor their progress, eagerly anticipating the potential economic and energy benefits that could arise from these significant oil discoveries in Guyana’s offshore blocks.

The news comes as the Wall Street Journal reported that OPEC is wooing the CARICOM, South American nation to join the cartel but so far its leaders have resisted.