Over the first three months of this year, CGX Energy invested some US $1.6 million (or GY $334.8 million) to advance the development of the Berbice Deep water port located near the mouth of the Berbice River.This is according to the first quarter financial report of the Canadian-based firm Frontera Energy, which is the majority owner of CGX Energy. The two companies are co-venture partners in the Corentyne Block offshore Guyana.This deep water port is set to provide hundreds of jobs to Guyanese and help boost economic activity in Region Six (East Berbice- Corentyne).And the money spent to develop this port marks an increase of US$1.2 million spent compared to the same first quarter period in 2021.Last year, after years of exploration, Frontera and CGX discovered some hydrocarbon presence (oil reserves) at the Kawa-1 exploration well in Guyana’s Corentyne Block.And according to the financial report, Frontera executed US$113.5 million in capital expenditures in the first quarter primarily in support of exploration activity at the Kawa-1 exploration well offshore Guyana.Of that amount, US$51.9 million was spent on exploration in Guyana.The Kawa-1 well was drilled to a total depth of 21,578 feet (6,577 metres). Drilling results confirmed the presence of an active hydrocarbon system at the Kawa-1 location. A complete analysis of the drilling is not yet complete, but the well has been plugged and abandoned.The company is now expected to drill for oil at a nearby Wei- 1 well.Meanwhile, some of the US $113.5 sum was also spent on the discovery of light and medium crude oil in the Jandaya-1 and Tui-1 exploration wells in Ecuador, and development drilling which contributed to six per cent production increase in the Company’s base Colombia operations compared with fourth quarter 2021.
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