Canada-based oil company CGX Energy will develop a deepwater port at Berbice, in eastern Guyana, to serve the South American nation’s oil and agriculture sectors.
CGX Energy’z chairman said that they have acquired a 50-year lease for a 55-acre parcel strategically located near the Berbice River for the project. Upon completion it would become Guyana’s third oil port and its only deepwater facility.
Skilled workmen are already on the shore and development work is undergoing currently. Dredging will begin shortly and the Dock construction will also commence. The developers expect to start shipping oil towards the end of 2022.
The port will mainly serve the oil and gas industry by supplying equipment, fuel, cement, water and power. But it also will have a portion dedicated to agricultural exports, whose production is rapidly expanding in that region of Guyana, and other areas for container ships, cruise ships and specialized cargo.
While the initial project cost was estimated at US$80 million, it is expected, however, that when further expansion to construct heavy lift and fabrication facilities is done, costs will reach as high as US$130 million.
CGX Energy and Frontera are drilling for oil in Guyana’s offshore Corentyne block, where they announced a discovery of oil and gas with the Kawa-1 well. A second exploration well, Wei-1, is expected to be drilled in the second half of the year.
