CGX Energy and Frontera Energy’s joint venture has disputed the Government of Guyana’s termination of their Petroleum Agreement and Prospecting License for the Corentyne block. They believe their interests remain valid and seek a resolution, prepared to defend their rights legally if necessary. CGX is focused on oil exploration in the Guyana-Suriname Basin, while Frontera operates widely across South America.
CGX Energy and Frontera Energy have received a notice from the Government of Guyana terminating their Petroleum Agreement and Prospecting License for the Corentyne block located offshore. The joint venture challenges this termination, asserting that their interests and the license remain intact. They are pursuing a resolution with the government and are prepared to defend their legal rights to safeguard their investments and maintain their operations on the Corentyne block.
CGX Energy Inc., a Canadian oil and gas exploration company, is actively engaged in searching for oil within the Guyana-Suriname Basin and is also focused on developing a deep-water port in Berbice, Guyana. Frontera Energy Corporation, also Canadian, is involved in various aspects of the oil and gas sector, including exploration, development, production, and distribution, across several South American countries, including Colombia and Ecuador.
The termination of the Petroleum Agreement and Prospecting License for the Corentyne block by the Government of Guyana has led to a dispute involving CGX Energy and Frontera Energy. Despite the notice of termination, the joint venture asserts the validity of their interests and remains committed to resolving the matter amicably while safeguarding their investments through potential legal action. Both companies are significant players in the oil and gas sector focused on developing this vital area in South America.
Original Source: www.tipranks.com
