Tag Archives: Oil exploration

GUYANA – Latest News from various sources – November 13, 2015

GUYANA – LATEST NEWS – 13 November 2015  –  Kaieteur News 

         (see other News sources at the end of this entry)

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Rigs to Riches: A lesson for Guyana’s future?

Rigs to Riches: A lesson for Guyana’s future?

What Guyana does with the revenues from oil (and gas) will be important to its short and medium-term social stability and its longer-term economic prospects.

By Sir Ronald Sanders

BRIDGETOWN, Barbados, Thursday September 22, 2011 – Rigs to riches is the story of Norway’s rise from one of Europe’s backwater countries in 1969 to its position as one of the richest nations in Europe today.  How it achieved that status in just over 40 years could be a lesson for Guyana which is now on the brink of major oil exploration, discovery and production.

The Canadian company, CGX Energy, has recently announced that it is seeking to raise US$80 million, most of which will be used to fund its drilling activities within Guyana’s territorial waters.

CGX’s confidence in the possibilities of the Guyana drilling arises from the announcement by oil companies Tullow Oil PLC and Royal Dutch Shell PLC that they have opened up a new hydrocarbon basin offshore French Guiana with the discovery of a good quality oil reservoir from their first wildcat well.

Angus McCoss, Tullow’s exploration director, said the discovery is a “major step” because the geological system offshore Latin America is bigger than that of offshore Ghana.  He added,”There are at least half a dozen more of these Zaedyus type traps adjacent.”    more

WikiLeaks Guyana – 20% of fuel smuggled from Venezuela

WikiLeaks Guyana – 20% of fuel smuggled from Venezuela – Border Dispute still alive

SEPTEMBER 14, 2011 | BY KNEWS |

A US Embassy confidential report back in 2006 said that the long-simmering Guyana-Venezuela border dispute has slowed the pace of bilateral growth between the two countries.

According to the cable sent by the US Embassy in Georgetown, from then Ambassador Roland Bullen, despite President Hugo Chavez’s high-profile visit to Guyana in February 2004, relations between Guyana and Venezuela remain cordial but not close.

The border issue was also seen by the Americans as continuing to undermine Guyana’s development of its resource-rich Essequibo region, to the detriment of Guyanese and U.S. economic interests.   Continue reading

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