CGX is resuming construction for a deepwater harbor
… Completed engineering designs, road contracts, signed bridge — Coo Chair
Artist’s impression of Berbice Deep Water Port followed by CGX Energy Guyana Inc.0
Kaieteur News – CGX Guyana Inc., the Canadian oil exploration company operating in the Guyana offshore Corentyne and Demerara Blocks, says it has already spent US $ 1.2M on a number of projects while trying to build its Berbice deepwater port.
The announcement was made this past week, when the company released its audited consolidated Financial Statements for the year ended December 31, 2020, along with its Management Discussion and Analysis.
Co-chairman of CGX Energy, Gabriel de Alba, in updating shareholders, reported that the company has “resumed construction of the Berbice deepwater port, and aims to cater for the rapidly growing exploration activities across the Guyana basin- Suriname, as well as to support the growth of the Guyanese economy by supporting agricultural, container and general cargo. We are excited about our opportunities to generate value for our shareholders. ”
Since then, the Chairman of CGX has informed that Grand Canal Industrial Estates Inc. – a wholly owned subsidiary of the company – has entered into various contracts to resume work on its Berbice deepwater port project.
According to Alba, “the Grand Canal is completely renovating a 3.1 km road leading from the Corentyne Highway to the port.”
He reported that the contract for the road started on October 18, 2020, and is expected to be completed at a cost of approximately US $ 703,000.
The CGX Co-Chair also reported that a contract for the construction of a bridge connecting the Corentyne Highway to the road undergoing renovation was awarded as recently as February and is expected to be completed at a cost of approximately US $ 450,000.
According to Alba, Grand Canal has also entered into contracts for the relocation of utility services along the refurbished road.
As it related to updated engineering designs for the port yard along the Berbice River, it reported to shareholders that these have since been completed, at a cost of US $ 34,840.
It was highlighted that the tendering of the port yard civil works, limited to local contractors, had also commenced and that a contract, at a cost of US $ 27,200, had been awarded for the redesign of the harbor dredge.
This is to enable Handymax Ships and Offshore Support Vessels to access the port, so that the extended port project can handle the support of offshore oil and gas operations as well as agricultural and general cargo.
According to Alba, a contract at a cost of US $ 42,500 was also awarded for an updated marketing study and revenue model for the extended scope of the port project.
The company has also reported that a contract costing approximately US $ 25,000 has been awarded for the review of the engineering design of the new yard, road and bridge.
“The engineering design of an alternate access road from the Berbice Bridge Eastern Access Road to the port site and a new connecting bridge across the Grand Canal is expected to be completed by mid-2021,” said Alba.
Berbice’s deep-water port is expected to be 4.8 km from the mouth of the Berbice River.
In 2010, the Guyana Lands and Surveys Commission in its land use planning map for Region 6, earmarked the area for deep port development, a new 1.2km airport runway and an industrial park.
Alba in its report, to shareholders, said, “CGX 2021 began with the management team continuing its progress towards optimizing the Company’s financial performance and strengthening its balance sheet and on increasing its unique opportunities in its highly viable blocks in the Guyana basin. ”
According to Alba, “we are actively focusing on implementing a world-class exploration program on our Corentyne and Demerara offshore blocks, covering 2.7 million gross acres in one of the world’s most promising offshore basins.”
He said that to support the effort, “we have built a best-in-class technical and operational team, which gives us further confidence to successfully implement our plan, evaluate strategic opportunities and realize this opportunity in a vast and rich basin. interest in the industry. ”
Providing a forecast for 2021, Co-chair Professor Suresh Narine noted, “looking ahead, CGX Energy is now about to launch an exciting exploration scheme for Kawa-1 and Makarapan-1 wells on the Corentyne and Demerara Blocks , prompting. strategic and technical support of the Company’s key shareholder and joint venture partner, Frontera Energy Corporation. ”
According to Professor Narine, “as we enter 2021, we are excited about these multiple opportunities to create value for CGX Energy’s stakeholders in the coming years.”