Guyana cancels Frontera-CGX Energy JV's prospecting license (updated)

CGX Energy

13/03/2025 14:25

Adds background and details on licence cancellation in paragraphs 3-4

March 13 (Reuters) - Guyana's government has cancelled the Frontera FEC.TO and CGX Energy OYL.V joint venture's prospecting license for the Corentyne block, the companies said on Thursday.

In February, the South American nation gave a 30-day notice to CGX and Frontera for cancellation of the license.

The Corentyne block was seen as a key effort to diversify Guyana's oil industry, currently dominated by a consortium led by Exxon Mobil XOM.N.

The Frontera joint venture said it was informed of the licence cancellation in a letter from the government. The companies did not provide any further details, but disputed the cancellation.

 (Reporting by Mrinalika Roy in Bengaluru; Editing by Shounak Dasgupta)

 ((mrinalika.roy@thomsonreuters.com))