Frontera Energy and CGX Energy are seeking potential partners for the development of the Corentyne block offshore Guyana.
The two companies are joint venture (JV) partners for the Petroleum Prospecting Licence for the Corentyne block.
The companies are considering making a final investment decision on the offshore block by 2026, with commissioning anticipated by 2030, reported Reuters.
US investment banking firm Houlihan Lokey has been selected by the JV for ‘actively pursuing options’ for the potential sale of stake in the Corentyne block, Frontera said in a presentation.
CGX board of directors co-chairman and Frontera board of directors chairman Gabriel de Alba said: "When Frontera and CGX formed its joint venture in 2019, it did so with the singular goal of discovering sufficient resources to underpin a potential stand-alone commercial oil development offshore Guyana.
"The joint venture is now well on its way to achieving its objective. The joint venture believes that approximately 514–628 mmboe [million barrels of oil equivalent] PMean unrisked gross prospective resources may be present in the Maastrichtian horizons alone and that additional potential upside may exist in the deeper Campanian and Santonian horizons."
The JV partners plan to complete the appraisal of the entire area in 2025.
Subsea Integration Alliance, a collaboration between Subsea 7 and Schlumberger, has been selected to finalise a conceptual field development plan for the Corentyne block.
This plan encompasses development well planning, subsea architecture, production and export facilities, and other relevant considerations.
In November 2023, CGX and Frontera made an oil discovery in the Corentyne block following the drilling of the Wei-1 well.
The Wei-1 well, following drilling using the NobleCorp Discoverer semi-submersible drilling unit, identified a total of 114ft of net pay, confirming the significant oil resource potential of the Corentyne block.
