Increasing Poverty in Guyana is evermore Promising
June 4, 2008
According to Kaieteur News June 4th 2008, the price of gasoline in Guyana is now $1,018 GYD per gallon. To my estimates, that amount equates to $5 USD. In the US, the price per gallon of 87 Octane (low grade) is about $4.13 cents per gallon self serve. As it is, the increase in the US has caused dramatic changes in the way people commute everyday. It is difficult for many of us in the US to drive comfortably as the price on the global market continues to skyrocket. I cannot imagine the situation Guyanese are experiencing right now in Guyana. With the increased cost of food globally and now the price of gasoline, Guyanese living in Guyana stand to suffer even more.
I can only hope that neighboring countries like Venezuela and Trinidad comes to the rescue of Guyana.
www.cgxenergy.ca
May 12, 2008
Oil drilling not likely soon
Stabroek News
Despite the euphoria prompted by a favourable tribunal ruling last year, it is unlikely that drilling for oil in Guyana’s waters will begin soon.
And the ever-climbing prices for petroleum may not necessarily spell windfall for Guyana should CGX Energy Inc., Repsol YPF and Exxon among other projects find oil, since the cost of production has also risen considerably.
But these companies are locked into production sharing agreements that would guarantee at least half of what comes in from the discoveries and the exploitation of petroleum resources going to Government coffers, according to Newell Dennison, Petroleum Manager at the Guyana Geology and Mines Commission (GGMC).
April 30, 2008
CGX requests permit for Corentyne seismic - Guyana
Business News Americas
Canadian oil and gas company CGX Energy (TSXV: OYL) has applied for an environmental permit from Guyana’s government to carry out seismic on its Corentyne offshore license, company CEO Kerry Sully said in a webcast.
“We believe approval is imminent”, said Sully, adding CGX is in the final stages of negotiating a contract with a contractor to carry out the 3D seismic.
The work will cover 500 km2 and should be underway this northern hemisphere summer, the executive said.
In January, CGX reported US firm Gustavson Associates had completed an independent resource assessment for four Corentyne prospects. Gustavson calculated a total best estimate (P50) prospective resource in the four prospects to be 2.7 billion barrels of oil.
CGX continues with plans to bring on board a JV partner for Corentyne and also plans 1,000 km2 of 3D seismic on the Georgetown offshore license, Sully said.
CGX has a 25% stake in Georgetown and Spain’s Repsol YPF (NYSE: REP) 75%.
The Canadian company’s Guyana licenses cover 9.5 million acres gross (3.85 million hectares), 7.2 million acres net.
Andrew
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