THE positive presence of petroleum in Guyana's soil has tested positive, and the quality and extent of the product will be known this year, when the CGX Energy Incorporated /ON Energy Inc commences a seismic survey in the Berbice Region.
"The CGX Energy Inc and ON Energy are pleased to announce that the analysis of the geo-microbial survey conducted in the Berbice offshore block in Guyana, has identified more than 20 anomalous leads," stated a news release from the CGX Canadian Company.
The release noted that one of the leads is approximately 40 square kilometers. It stated further, "We are currently preparing to shoot a 200 km 2-D seismic programme to identify the depth and thickness of the source of the micro seepage of hydrocarbons that are associated with several of the larger anomalies".
During October last, the CGX undertook 8,000 soil samples in the Berbice onshore block. These tests were shipped to the Geo Microbial Technologies (GMT) laboratory in the US, where they were thoroughly analyzed. Some 1000 samples revealed high readings of petroleum leads.
The release noted that the "highly acidic nature of the soil in the area has limited its effectiveness of the gas analysis from the current shallow soil samples." But CGX says it intends to move into deeper sampling sites.
"We are now in the process of finalizing our integration of the geo chemical study with our reprocessed aero magnetic data," Warren Workman, Vice President of the exploration was quoted as saying.
The 800,000 acre Berbice block is held by ON Energy Inc, a Guyanese registered company, currently owned 85.5 percent by CGX. The company stated that additional financing will be required with ON Energy to proceed with the 2-D seismic programme, and it will support that financing as it evolves.
In 2001, the CGX Company had initiated offshore exploration in the Corentyne River, but the Surinamese who had historically claimed ownership of the New River Triangle Area, prematurely halted the operation.
A joint Guyana/Suriname Border Commission was set up to address the age-old controversy; particularly to examine maritime boundary disputes, but talks broke down last year due to disagreement over the minutes of the last meeting.
Minister of Foreign Affairs, Rudy Insanally has recently informed the Government Information Agency (GINA) that Legal Affairs Minister, Doodnauth Singh, who chairs the commission, is currently revising the minutes. This is with a view to resolving the current impasse and restarting border talks between Guyana and Suriname, said Minister Insanally.
He noted that at the Mexico Summit, there was amicable exchange between himself and Surinamese President, Ronald Venetian. The Minister anticipates that talks will resume between the neighbouring countries soon.
CGX Energy Inc is a Canada-based oil and gas exploration company, focusing on the exploration for oil in the Guyana basin. The company is also actively looking at other international opportunities. It is managed by a team of experienced oil, gas and finance professionals from Canada, USA and the UK, and is financed internationally.
The oil company also has 5,000 shareholders worldwide.