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Frontera, CGX start drilling Wei-1 well in Guyana

Jan 23 (Reuters) - Oil and gas producers CGX Energy Inc and Frontera Energy Corp said on Monday their joint venture had begun drilling Wei-1 well offshore Guyana.

The joint venture was scheduled to begin drilling last year November, but delayed it as contractor Noble Corp was tied up with obligations in Trinidad.

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.

Guyana and neighboring Suriname have become one of the most desired oil exploration hot spots.

The JV said Guyana has approved an appraisal plan for the northern section of the Corentyne block, but future drilling would depend on positive results from Wei-1.

It 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 Corp began production in 2019. (Reporting by Sourasis Bose in Bengaluru; Editing by Shinjini Ganguli)