HOUSTON, TEXAS (Editors at Energy Analytics Institute, 13.Mar.2025) — The government of Guyana announced it is of the view that the Petroleum Agreement and Prospecting Licence for the Corentyne block offshore Guyana held by joint venture (JV) partners CGX Energy Inc. and Frontera Energy Corporation are “at an end.”
The JV partners recently received a communication from the government informing them that: on the one hand, “The government is of the view that the Petroleum Agreement and Prospecting Licence are at an end,” but on the other hand, that the government of Guyana “hereby terminates the Petroleum Agreement and cancels the Prospecting Licence with immediate effect,” Frontera and CGX announced on 13 Mar. 2025 in a joint statement.
The JV remains firmly of the view that its interests in, and the license for, the Corentyne block remain in place and in good standing and that the petroleum agreement has not been terminated.
“The JV and its shareholders continue to invite the government of Guyana to amicably resolve the issues affecting the JV’s investments in the Corentyne block. Should the parties not reach a mutually agreeable solution, the JV and its shareholders are prepared to assert their legal rights,” Frontera and CGX said.
The JV looks forward to expeditiously resolving this matter and continuing its multi-year efforts and investments to realize value for the people of Guyana and its shareholders from the Corentyne block, the JV partners said.
____________________
By Editors reporting from Houston. © 2025 Energy Analytics Institute (EAI). All Rights Reserved.
