LatinNews Daily - 29 June 2023

 * The Canadian oil and gas exploration companies CGX Energy and Frontera Energy have announced the discovery of oil at the Wei-1 well, on the Corentyne block, approximately 200km offshore from Guyana’s capital, Georgetown. This is the second discovery on the Corentyne block by the two companies after the other well, Kawa-1, struck light oil and gas condensate in May last year. According to a statement by the two companies, the Wei-1 well encountered 210 feet of hydrocarbon bearing sands in the Santonian horizon. The rock and fluid properties of the Santonian will now be analysed by an independent third-party laboratory over the next two to three months. The joint venture also added that it had concluded drilling operations and expects to release the rig in early July. Following the discovery of the first major oil deposits in May 2015 by a consortium led by US oil firm ExxonMobil, Guyana’s economy is undergoing major expansion, with the International Monetary Fund (IMF) forecasting GDP growth of 37.2% in 2023.