A major find offshore Guyana could transform the company’s fortunes
Frontera anticipates Guyana jackpot
The Latin America-focused producer aims to emulate the drilling successes of neighbouring blocks to diversify its portfolio
Canadian operator Frontera Energy is pinning its hopes on exploration success offshore Guyana after a year of heavy losses, mostly from Colombia. The firm posted $39.8mn in net losses over the first six months of 2021, albeit still marking a rebound from a loss of $455.6mn over the same period last year. The Calgary-based E&P today commences drilling the Kawa-1 prospect in the Corentyne block offshore Guyana through its majority owned subsidiary and joint venture partner CGX Energy. Commercial oil and gas have yet to be discovered in the block, but the target is close to several major discoveries in the Stabroek block and block 58 in Suriname. Production from Guyana has slowly ramped up
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