GGMC: "Massive" Oil Ops Once Border Dispute Resolved

The Guyana Geology and Mines Commission (GGMC) foresees a "massive" increase in oil prospecting and drilling once a border dispute with Suriname is resolved, Guyana's government reported.

A new round of dispute resolution hearings are scheduled to begin December 7 at the International Court in Washington DC, the government statement said.

GGMC's forecast follows talks with representatives from various companies including Trinidad & Tobago's Sadhna Petroleum Services, Canada's CGX Energy and the latter's Guyanese subsidiary ON Energy, the report said.

"CGX has indicated its intention to drill three holes onshore by mid-next year," GGMC acting commissioner William Woolford said. "The company has identified a number of locations where deposits are believed to exist in commercial quantities and work is set to commence once the mediating agency rules in Guyana's favor."

CGX also has identified a number of offshore sites for drilling before the end of the second quarter of 2007, the report added.

For its part, Sadhna has expressed its intention to begin drilling in the Mahaicony area, Region Five, by next year, the report said.

Visit BNamericas to access our real-time news reports, 7-year archive, Fact File company database, and latest research reports. Click here for a Free two week trial to our Latin America Oil & Gas information service.