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Frontera, CGX postpone Guyana well drilling

Reuters
·1 min read

Nov 28 (Reuters) - A joint venture formed by Canada-based companies Frontera Energy Corp and CGX Energy Inc said on Monday it was postponing drilling of the Wei-1 well in offshore Guyana, citing contractor obligations.

The JV said it has agreed with the Guyanese government to start drilling no later than Jan. 31, 2023 to allow contractor Noble Corp Plc to complete current obligations in Trinidad.

Frontera and CGX were previously scheduled to begin drilling the well by Nov. 27.

Wei-1 is one of two wells on Guyana's Corentyne block that the companies have committed to drill. The other well, Kawa-1, struck light oil and gas condensate in May, though the companies had not said how much oil was found or whether it was commercially viable.

The JV is expected to be the next consortium to move oil exploration projects in Guyana to the development phase, after a group led by Exxon Mobil found about 11 billion barrels in recoverable oil and gas resources and began output in 2019. (Reporting by Ruhi Soni in Bengaluru; Editing by Shounak Dasgupta)