Guyana searches for crude oil

Guyana is to intensify its search for crude oil in an area bordering that country and Suriname.



This follows the signing of a new oil pact between Guyana and area manager of ESSO Exploration and Production Guyana Limited, Jan Claire Phillips.



Under the agreement, the search for oil will resume in the Stabroek Bloc, located between Guyana and Suriname.



Officials say a key element of the Agreement will ensure that ESSO’s petroleum exploration activities conform to the Guyana/Suriname maritime boundary.



Nine years ago, ESSO secured its licence for petroleum exploration in the Corentyne River, which runs through both countries.



The company was forced to abort the search after Suriname military officials with gunboats chased the Canadian firm CGX from its licensed exploration site.



Guyana recently got court approval to resume the search.