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Home » Article Listing Category » Caribbean Politics » Canadian oil company paid Guyana's legal fees racked up in maritime border dispute

Caribbean Politics

Canadian oil company paid Guyana's legal fees racked up in maritime border dispute

GEORGETOWN, Guyana - A Canadian oil company paid legal fees racked up by Guyana in a feud with neighbouring Suriname for control of an oil-and-gas-rich basin, but won't receive preferential treatment for exploration, Guyana's president said. Toronto-based CGX Energy Inc. (TSXV:OYL.U) paid US$8.9 million in fees - the majority of Guyana's legal bill - incurred in a maritime border dispute with Suriname over rights to the undersea basin, President Bharrat Jagdeo said late Monday. "This is no secret," Jagdeo told reporters outside his offices in Georgetown. "I'm very grateful to CGX for footing the bill, because it didn't come from the treasury. But that doesn't mean that they have any preferences." CGX will soon resume oil-and-gas explorations in Guyana and adhere to local laws that apply to all companies, including the Spanish-Argentine company Repsol YPF and Exxon Mobil Corp., which also have concessions in the area, Jagdeo said. A UN tribunal settled the maritime border feud in September, awarding Guyana some 33,150 square kilometres of coastal waters, nearly double the territory granted Suriname. Guyana's share is believed to have recoverable oil reserves of roughly 15 billion barrels and gas reserves of 1.19 trillion cubic metres. The ruling is expected to spark a surge in oil and gas exploration off the Atlantic coastline and boost the economies of both impoverished South American countries. The decades-long dispute had stalled oil exploration along both coasts, prompting Suriname to send two gunboats to force a CGX oil rig from the disputed area in 2000. On the Toronto Venture Exchange on Tuesday, CGX shares were trading down by three cents, or 1.33 per cent, at $2.22 on 113,325 shares traded.
Writer/Editor	: Site Administrator
Added On Date	: Oct 11, 2007
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