{"id":134659,"date":"2025-03-14T18:12:45","date_gmt":"2025-03-14T21:12:45","guid":{"rendered":"https:\/\/lightgrey-bear-288840.hostingersite.com\/?p=134659"},"modified":"2025-03-19T18:13:11","modified_gmt":"2025-03-19T21:13:11","slug":"partners-stand-firm-in-opposition-to-guyana-pulling-the-plug-on-offshore-license","status":"publish","type":"post","link":"https:\/\/gapp-oil.com.ar\/en\/2025\/03\/14\/partners-stand-firm-in-opposition-to-guyana-pulling-the-plug-on-offshore-license\/","title":{"rendered":"Partners stand firm in opposition to Guyana pulling the plug on offshore license"},"content":{"rendered":"

At the start of February 2025, CGX Energy and Frontera\u00a0disclosed the receipt<\/a> of a notification regarding the petroleum prospecting license for the Corentyne block in which Guyana\u2019s government took the position that the permit, alongside the joint venture\u2019s petroleum agreement, was terminated, with no reasonable grounds to grant any extensions to the joint venture regarding its appraisal or exploration obligations under the license or the petroleum agreement.<\/p>\n

\n
\n
\n
<\/div>\n<\/div>\n<\/div>\n<\/div>\n

In an update on March 13, the JV partners confirmed the receipt of a communication from the government of Guyana, informing the joint venture that the government was of the view the petroleum agreement and prospecting license\u00a0\u201care at an end,<\/em>\u201d and thus, the government \u201chereby terminates the petroleum agreement and cancels the prospecting licence with immediate effect.<\/em>\u201c<\/p>\n

While addressing the received notice, CGX Energy and Frontera underline they remain firmly of the view their interests and license for the Corentyne block remain in place and good standing. Therefore, the JV denies termination of their petroleum agreement and invites the government of Guyana to\u00a0\u201camicably\u201d\u00a0<\/em>resolve the issues affecting the partners\u2019 investments in the Corentyne block.<\/p>\n

During the drilling of an appraisal well for the\u00a0Kawa-1<\/strong>\u00a0appraisal program, the JV\u00a0made the Wei-1 discovery in 2023<\/a>\u00a0as its second one on the Corentyne block, claiming that it\u00a0fulfilled the obligation<\/a>\u00a0under Phase 2 of the second renewal period of the original ten-year license.<\/p>\n

With the aim of unlocking the potential of the Corentyne block, the duo set out to\u00a0explore a potential farm-down\u00a0<\/a>of their interests in the block. Currently, the joint venture has a 100% working interest in the Corentyne block, with Frontera holding a 72% stake and CGX the remaining 28%.<\/p>\n

\u201cShould the parties not reach a mutually agreeable solution, the joint venture and its shareholders are prepared to assert their legal rights. The joint venture looks forward to expeditiously resolving this matter and continuing its multi-year efforts and investments to realize value for the people of Guyana and its shareholders from the Corentyne block,\u201d<\/em>\u00a0underscored the JV.<\/p>\n

Since 2015, the country has recorded many discoveries, with ExxonMobil proceeding to develop six projects and working to\u00a0secure the go-ahead for the development<\/a>\u00a0of its seventh deepwater oil project in Guyana, which became an oil-producing nation five years ago and is working on bringing its first gas project to life.<\/p>\n

The country\u2019s Office of the Prime Minister recently\u00a0gave the go-ahead<\/a>\u00a0for the planned $51.2 billion investment to advance its flagship gas-to-energy (GtE) project.<\/p>\n","protected":false},"excerpt":{"rendered":"

At the start of February 2025, CGX Energy and Frontera\u00a0disclosed the receipt of a notification regarding the petroleum prospecting license for the Corentyne block in which Guyana\u2019s government took the position that the permit, alongside the joint venture\u2019s petroleum agreement, was terminated, with no reasonable grounds to grant any extensions to the joint venture regarding […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"novedades-gapp-noticias":[],"lineas-trabajo-noticias":[],"industrias-noticias":[394],"mercados-noticias":[1358,431],"class_list":["post-134659","post","type-post","status-publish","format-standard","hentry","industrias-noticias-oil-gas","mercados-noticias-america-del-sur","mercados-noticias-guyana"],"_links":{"self":[{"href":"https:\/\/gapp-oil.com.ar\/en\/wp-json\/wp\/v2\/posts\/134659","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gapp-oil.com.ar\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gapp-oil.com.ar\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gapp-oil.com.ar\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/gapp-oil.com.ar\/en\/wp-json\/wp\/v2\/comments?post=134659"}],"version-history":[{"count":1,"href":"https:\/\/gapp-oil.com.ar\/en\/wp-json\/wp\/v2\/posts\/134659\/revisions"}],"predecessor-version":[{"id":134660,"href":"https:\/\/gapp-oil.com.ar\/en\/wp-json\/wp\/v2\/posts\/134659\/revisions\/134660"}],"wp:attachment":[{"href":"https:\/\/gapp-oil.com.ar\/en\/wp-json\/wp\/v2\/media?parent=134659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gapp-oil.com.ar\/en\/wp-json\/wp\/v2\/categories?post=134659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gapp-oil.com.ar\/en\/wp-json\/wp\/v2\/tags?post=134659"},{"taxonomy":"novedades-gapp-noticias","embeddable":true,"href":"https:\/\/gapp-oil.com.ar\/en\/wp-json\/wp\/v2\/novedades-gapp-noticias?post=134659"},{"taxonomy":"lineas-trabajo-noticias","embeddable":true,"href":"https:\/\/gapp-oil.com.ar\/en\/wp-json\/wp\/v2\/lineas-trabajo-noticias?post=134659"},{"taxonomy":"industrias-noticias","embeddable":true,"href":"https:\/\/gapp-oil.com.ar\/en\/wp-json\/wp\/v2\/industrias-noticias?post=134659"},{"taxonomy":"mercados-noticias","embeddable":true,"href":"https:\/\/gapp-oil.com.ar\/en\/wp-json\/wp\/v2\/mercados-noticias?post=134659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}