Sun | Apr 23, 2017

Energy companies fight over Guyana oil

Published:Wednesday | September 10, 2014 | 9:00 AM

CGX Energy Inc, the Canadian oil and gas exploration company that holds three licences in the Guyana-Suriname Basin, says it has obtained an order from the Guyana court restraining Spanish-owned Repsol Exploracion SA from farming out the Kanuku petroleum prospecting licence.

CCX Energy said that the injunction obtained by its wholly owned subsidiary, CGX Resources Inc is pending the hearing and determination of the arbitration proceedings started by CGX Resources against Repsol.

It said that the Kanuku PPL covers substantially the same acreage as the Georgetown petroleum prospecting licence.

"We view this decision as strong support for CGX Energy's rights in the Kanuku PPL and as the next step to regaining our participating interest in the acreage," said CGX Energy Inc co-chairman, Professor Suresh Narine.

CCX Energy said that since 2012, it has spent approximately US$130 million in exploration in the Guyana-Suriname basin, with approximately US$40 million relating to the acreage now known as the Kanuku PPL.


St Lucia, New Zealand sign geothermal agreement

St Lucia has signed a contract with New Zealand that it says will help define the prospects for advancing geothermal development on the island.

"The partnership agreement is designed to provide key technical assistance to support geothermal exploration, and help define the prospects for advancing geothermal development in St Lucia," said St Lucia in a statement.

The Geothermal Support Partnership Framework Agreement was signed by Sustainable Development, Energy, Science and Technology Minister Dr James Fletcher and New Zealand's Minister of Foreign Affairs, Murray McCully, on the sidelines of the Third International Small Island Developing States (SIDS) Conference.


Antigua confident of Internet gaming resolution

Antigua and Barbuda says it remains confident that its new proposals to the United States to end their long-running dispute over Internet gaming will be accepted by Washington.

Ambassador Colin Murdoch, who is the chairman of a local committee that is holding talks with the US, told the Caribbean Media Corporation that the new Gaston Browne administration had reviewed the previous proposals put forward by the former administration and "has agreed to adopt a clean-slate principle and has decided to propose new measures to the United States in order to settle the dispute".

Murdoch would not divulge the details of the proposal but said: "We think these proposals offer an incentive to the United States to settle this matter, while at the same time providing benefit to Antigua and Barbuda in relation to the gaming sector. We believe the United States will look at these proposals seriously ... ."

In 2005, the WTO ruled that Washington had violated international trade agreements by prohibiting operation of offshore Internet gambling sites and set the award for compensation at US$21 million.

Antigua has been unsuccessful in its efforts to have the US accede to the ruling.