Guyana issues 30 day notice to cancel Frontera, CGX Energy's Corentyne license
Companies
CGX Energy Inc
Frontera Energy Corp
Exxon Mobil Corp
Feb 11 (Reuters) - Guyana's government gave a 30-day notice to CGX Energy (OYL.V), opens new tab and Frontera Energy (FEC.TO), opens new tab for cancellation of their joint venture's license for the Corentyne block, the Canadian energy companies said on Tuesday.
While the companies did not mention why the government issued the notice, the South American nation has earlier expressed a lack of confidence in the firms being able to find a financial partner for their project.
The government plans to cancel the petroleum agreement with the joint venture along with the license and said in the letter that it saw no "reasonable grounds" to grant any extensions.
However, the letter asked the joint venture to submit representations to the government before February 22 for them to reconsider whether to not cancel any license.
The license will cease to have effect on March 10, unless the representations are favorably considered by the government, the letter said.
Guyana's oil industry is currently dominated by a consortium led by Exxon Mobil (XOM.N), opens new tab, and development of the Corentyne field has been as an attempt to diversify the country's dependence on the U.S. major.
It is also the only area Frontera and CGX have left in Guyana after they returned two other blocks earlier.
Frontera and CGX Energy said their license for the Corentyne block remain in place and the petroleum agreement had not been terminated.
"Notwithstanding the foregoing, the joint venture is assessing all legal options available to it to assert its rights and will respond to the Government," they said.
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