Major hydrocarbons discovery a potential game-changer for Guyana

Canadian independent CGX Energy has made a potentially transformative discovery offshore Guyana, which may pave the way for a commercial development in the South American nation outside the ExxonMobil-operated Stabroek block.

The news of a major find in the Corentyne block could add fresh excitement to Guyana’s highly anticipated competitive round due to take place early in the second half of this year.

CGX and project partner Frontera Energy have completed drilling of the Wei-1 exploration well in Corentyne and encountered 210 feet (64 metres) of hydrocarbon-bearing sandstones in Santonian-aged reservoirs.