The Berbice Deep Water Port (BDWP) which is being constructed by CGX Energy Inc. is positioned to play a leading role in the expansion of the oil and gas sector in Guyana and Suriname and could see the company raking in big bucks within a few years following startup in 2022.
This was noted in an independent market assessment study for the deepwater harbor completed by Maritime & Transport Business Solutions (MTBS) of Rotterdam, Netherlands. The study that was commissioned by CGX foresees revenue generation from 2022 related to offshore oil and gas services at the deepwater port reaching approximately US $37 million by 2025 and steadily increasing thereafter.
Added to that, the marketing report outlined that the BDWP is expected to service the demands of 1 offshore well in 2022 following start-up; growing to 7-12 offshore wells/year beginning in 2023.
Furthermore, the deepwater harbor is intended to service growing offshore demand in the oil and gas sector and significantly shorten supply routes, simplify logistics, and reduce cost and operational risk.
CGX reported that travel time from the BDWP to offshore fields is approximately 12 hours, a significant reduction when compared to the approximately 2.5 days to regional ports currently used by operators.
Guyana Standard had previously reported that the deepwater port is being built by CGX Energy, through its wholly-owned subsidiary, Grand Canal Industrial Estates (GCIE). It will involve investment in the range of US$130M. The project targets full operation of the oil and gas support base in early 2022 and full operation of the cargo terminal aspects of the port in 2023.
Further to this, the company disclosed that its engineering designs, permitting, marketing and ongoing civil works are all on schedule to meet these targets. The Port, which is located adjacent to Crab Island on the Eastern Bank of the Berbice River, is 4.8 km from the Atlantic Ocean.
GCIE expects that during the construction phase, approximately 1,000 individuals will be directly employed, with approximately 300 full-time employees engaged in the long-term operations of the port.
