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The world produces and consumes 88 million bar rels of oil each day, burning about a billion barrels of oil every 12 days.

It is predicted that the world will need to produce 100 million barrels of oil each day by 2035. He noted that there has been a decrease in the production of oil and natural gases, and therefore there is a great need for new sources. With the new ven ture to be taken by CGX, the Guianas will be able to fill the gap to reduce high oil prices.

Sully said also that he estimates that Guyana will be able to produce 50 million barrels of oil or 140,000 bar rels of oil each day. This will rank Guyana close to other oil producing countries like Colombia and Brazil. Guyana is expected to receive 50 per cent of the profits.

“Guyana’s 2007 revenue was GY$ 80.3 billion, but with my discovery, it is likely to increase that amount three or more times,” Sully noted.

He also said that because of Guyana’s small population, everyone is likely to benefit tremendously.

He added that the natural gases present could also help to boost the manufacturing sector of the country, allowing us to become major producers of many needed items. Most importantly, oil revenues can also be used to develop hydro power in the country.

Sully added that there will also be a possibility of an alumina complex opening up in Guyana, which will make more use of our baux ite.

With the alumina operations, Guyana should be able to produce aluminium to make wires, rods, roofing material, tables and chairs, wheels, auto parts, cables, rods and many other similar products.

In closing, Sully said that CGX has already bought a plot of land near the estuary of the Berbice River. This, he said, could be the site of a port, which could mean more opportunities to further develop Guyana.

CGX currently hold li cences for three areas off shore – Corentyne 100 per cent, Georgetown 25 per cent, and Pomeroon 100 per cent.

CGX is managed by a team of oil and gas and finance pro fessionals from Canada, USA and the UK. The company has been wrapped up in the quest for oil here for nearly a decade. However, in June of 2000, its rig was chased out of Guyana’s waters by Suriname gunboats as it was about to drill a well in the most promising area.

This led to a diplomatic crisis between Guyana and Suriname and years of fu tile talks. The deadlock was broken when Guyana took its case to the International Law of the Sea tribunal and secured a ruling largely in its favour in 2007. Since then, expectations have been high that oil would be found when CGX resumes its search.