CGX Energy
CGX Energy Inc. (TSX-V: OYL) is a Canadian publicly traded oil and gas exploration company holding a 32% participating interest in the Corentyne Block offshore Guyana. It serves institutional JV partners (notably Frontera Energy) and operates the Berbice Deep Water Port through a wholly-owned subsidiary.
- Company typePublic
- Founded1997
- HeadquartersToronto, Canada
- Headcount51–100
- GTM typeB2B
- OfferingServices
What CGX Energy does
CGX Energy Inc. is a publicly traded Canadian oil and gas exploration company (TSX-V: OYL) founded in 1997, focused exclusively on offshore exploration in the Guyana-Suriname Basin. The company holds a 32% participating interest in the Corentyne Block through wholly-owned Bahamas subsidiary CGX Resources Inc., with joint venture partner Frontera Energy Corporation (TSX: FEC) holding the remaining 68%. Core operations center on the Corentyne Petroleum Prospecting License, where CGX has made two material hydrocarbon discoveries — the Kawa-1 well (2021/2022, 228 feet of net pay across Maastrichtian, Campanian, Santonian, and Coniacian intervals) and the Wei-1 well (2023, 342 feet of total net pay) — within a block on-trend with major commercial discoveries on the Stabroek Block (Pluma, Haimara, Kiru-Kiru, Seabob) and Suriname's Block 58.
The company's technical stack relies on industry-standard deepwater exploration tools: full broadband marine 3D seismic coverage of approximately 570 km² over the northern Corentyne Block (acquired and processed by PGS Geophysical with PSTM and PSDM processing) and the Maersk Discoverer semi-submersible drilling rig. The seismic dataset has supported identification of prospects with estimated 514-628 Mmboe PMean unrisked gross prospective resources in Maastrichtian horizons, with additional upside in Campanian and Santonian intervals.
The business model is pre-revenue on the upstream side, with two emerging revenue streams: (1) future oil and gas production from the Corentyne Block under a Guyana fiscal regime permitting up to 75% cost recovery and 50% profit oil split (implying approximately 63% licensee share of gross revenue under full-cycle economics), and (2) port operations revenue from the Berbice Deep Water Port, which commenced commercial operations in December 2024 through subsidiary Grand Canal Industrial Estates Inc. The go-to-market is institutional: CGX funds exploration via joint venture contributions, JV partner loan facilities, and capital markets activity (notably a US$58M equity rights offering in 2021), while targeting institutional and retail investors through SEDAR+ filings, AGM materials, and technical presentations. Customer concentration is effectively binary — Frontera Energy as JV counterparty and capital provider, and the Government of Guyana as regulator/license counterparty.
CGX Energy firmographics
Firmographics- Name
- CGX Energy
- Legal name
- CGX Energy Inc.
- Website
- https://cgxenergy.com
- Company type
- Public
- Founded year
- 1997
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- CGX Energy Inc. (TSX-V: OYL) is a Canadian publicly traded oil and gas exploration company holding a 32% participating interest in the Corentyne Block offshore Guyana. It serves institutional JV partners (notably Frontera Energy) and operates the Berbice Deep Water Port through a wholly-owned subsidiary.
- Ownership category
- akta.pro rank
Where CGX Energy is headquartered
LocationHeadquarters
- HQ city
- Toronto
- HQ country
- Canada
- HQ region
- North America
Offices5 records
Markets served
CGX Energy business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Infrastructure, Technology or R&D, Supply Chain
Revenue model
- Oil and Gas Production Revenue: Pre-revenue oil and gas exploration company. Future revenue will come from oil and gas production from the Corentyne Block once commercial discoveries are developed. The Guyana fiscal regime allows cost recovery from 'cost oil' (up to 75% of production for first 3 years, then 65%), with profit oil split 50% of first 40,000 bbl/day (47% for additional) for first 5 years, then 45%. Estimated licensee's share of gross revenue is 63% using full-cycle economics.
- Port Operations Revenue: CGX, through its wholly owned subsidiary Grand Canal Industrial Estates, is constructing the Berbice Deep Water Port on 30 acres with 400m of river frontage on the eastern bank of the Berbice River, adjacent to Crab Island in Region 6, Guyana. Commercial operation commenced December 2024. Revenue expected from logistics and port services for offshore operations.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels5 records
CGX Energy product offering
Product offeringCore offering
CGX Energy is a Canadian oil and gas exploration company that holds a 32% working interest in the Corentyne Petroleum Prospecting License offshore Guyana through its subsidiary CGX Resources Inc., operating in partnership with Frontera Energy Corporation (68% interest). The company's primary activities include offshore exploration drilling in the Guyana Basin (with successful Kawa-1 and Wei-1 hydrocarbon discoveries) and operation of the Berbice Deep Water Port facility for offshore logistics support.
Product overview
CGX Energy is an oil and gas exploration company with a focused portfolio of offshore exploration assets and infrastructure. The core offering is the Corentyne Block exploration program, which includes operated exploration wells (Kawa-1 and Wei-1) and 3D seismic survey data covering the Guyana Basin. Supporting this is the Berbice Deep Water Port, an industrial infrastructure asset that provides port services for offshore operations. The company operates through joint ventures with Frontera Energy Corporation, holding a participating interest in the Corentyne Petroleum Prospecting License.
Differentiator
Problem solved
Functional benefit
Products and services
- Corentyne Block Exploration Offshore oil and gas exploration operations in the Corentyne Block offshore Guyana, a proven petroleum basin with over 11 billion barrels of recoverable oil equivalent discovered to date. CGX holds a 32% working interest in the Corentyne Petroleum Prospecting License through its wholly-owned subsidiary CGX Resources Inc., with joint venture partner Frontera Energy Corporation holding 68%.
- Berbice Deep Water Port Deep water port facility constructed on 30 acres with 400 meters of river frontage on the eastern bank of the Berbice River, adjacent to Crab Island in Region 6, Guyana. Operated through wholly-owned subsidiary Grand Canal Industrial Estates Inc. and provides logistics and port services for offshore oil and gas operations.
- 3D Seismic Survey Services
Quantifiable outcome
- 228 feet of net pay discovered at Kawa-1 (2021/2022)
- +3 more outcomes
Companies that use CGX Energy
Customer profileNamed customers1 record
Segments2 records
Ideal customer profiles2 records
CGX Energy technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
CGX Energy partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Frontera Energy CorporationcoreFrontera Energy Corporation (TSX:FEC) is the joint venture partner for the Corentyne Block. Under the Joint Operating Agreement (JOA), Frontera holds 68% participating interest while CGX holds 32%. The partnership includes funding arrangements, loan agreements (including US$35 million in 2022, US$19 million in 2021), and strategic collaboration on exploration activities. Joint venture approved by Government of Guyana in May 2019. Jointly drilling Kawa-1 (2021/2022) and Wei-1 (2023) exploration wells with successful hydrocarbon discoveries.
Scale indicators6 records
Recent moves6 records
Expansion highlights5 records
CGX Energy competitors and assessment
Company assessmentBroad incumbents
- TotalEnergies SE: Super-major partner in Block 58 offshore Suriname alongside APA. Comparable as a deep-pocketed western oil major with material Guyana-Suriname Basin exposure that validates the regional play and competes for adjacent exploration/appraisal opportunities.
- ExxonMobil Corporation: Super-major operator of the Stabroek Block offshore Guyana and the dominant acreage holder in the basin. Comparable as the largest upstream incumbent in the same basin whose exploration success sets the geological and commercial benchmark for CGX's prospects.
- Hess Corporation: NYSE-listed operator with a 30% interest in the ExxonMobil-operated Stabroek Block, the anchor asset in the Guyana Basin. Comparable as a Guyana-focused upstream player whose discoveries (Liza, Payara, Yellowtail, etc.) underpin the regional commercial analogue for CGX's Corentyne Block.
- APA Corporation (formerly Apache): NASDAQ-listed independent E&P and operator of Block 58 offshore Suriname, immediately adjacent to the Guyana Basin on-trend play. Comparable as a mid-cap upstream with material frontier Guyana-Suriname exposure (Maka, Sapakara, Kwaskwasi discoveries) that establishes commercial viability for the broader basin.
Emerging players
- Tullow Oil plc: UK-listed independent E&P with prior Guyana exploration acreage (Kanuku Block, divested 2020) and remaining Guyana Basin exposure via the Jubilee/TEN-style frontier exploration model. Comparable as an Africa- and South America-focused independent that has historically pursued Guyana frontier oil plays.
Direct peers
- Gran Tierra Energy Inc. Small-cap Latin America-focused E&P listed on NYSE and TSX, primarily operating in Colombia and Ecuador. Comparable to CGX as a micro-cap Western Hemisphere upstream with concentrated single-region exposure and a similar need for partner-funded capex.
- Touchstone Exploration Inc. TSX-listed small-cap Caribbean E&P with producing assets in Trinidad and exploration interests in Guyana (Orinduik Block). Comparable to CGX as a micro-cap Caribbean/Guyana-focused upstream with both exploration and (in their case) producing exposure.
- Frontera Energy Corporation: TSX-listed Latin America-focused E&P and CGX's 68% JV partner / operator on the Corentyne Block. Comparable as a small-to-mid cap LatAm upstream operator with a portfolio mix of exploration, development, and production assets across Colombia, Ecuador, and Guyana.
- Eco (Atlantic) Oil & Gas Ltd. Small-cap TSX-V-listed offshore exploration company with interests in the Orinduik Block offshore Guyana. Closest comparable to CGX by virtue of being a junior explorer in the same Guyana Basin, exposed to similar Stabroek-adjacent upside and similar capital-raising dynamics.
Regional players
- Staatsolie Maatschappij Suriname N.V. Suriname state-owned national oil company and regulator that participates in Block 58 and other Suriname offshore acreage. Comparable as the regional national oil company peer operating in the same basin across the Guyana-Suriname border.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
CGX Energy social profiles
Digital presenceCGX Energy financial estimates
Financial estimateRevenue estimate
Valuation estimate
CGX Energy leadership team
Management profileNumber of profiles
Profiles2 records
CGX Energy subsidiaries and ownership
Company hierarchySubsidiaries4 records
CGX Energy funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
CGX Energy M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about CGX Energy
What does CGX Energy do?
CGX Energy is a Canadian oil and gas exploration company that holds a 32% working interest in the Corentyne Petroleum Prospecting License offshore Guyana through its subsidiary CGX Resources Inc., operating in partnership with Frontera Energy Corporation (68% interest). The company's primary activities include offshore exploration drilling in the Guyana Basin (with successful Kawa-1 and Wei-1 hydrocarbon discoveries) and operation of the Berbice Deep Water Port facility for offshore logistics support.
Is CGX Energy a public or private company?
CGX Energy is a public company. It is classified as public and is currently operating.
When was CGX Energy founded?
CGX Energy was founded in 1997. It employs 51 to 100 people.
Where is CGX Energy based?
CGX Energy is headquartered in Toronto, Canada, in the North America region.
How does CGX Energy make money?
Two revenue lines are on record. Oil and Gas Production Revenue is the primary driver. The others are port Operations Revenue.
Who are CGX Energy's main competitors?
Broad incumbents on record are TotalEnergies SE, ExxonMobil Corporation, Hess Corporation and APA Corporation (formerly Apache). Tullow Oil plc is listed as an emerging player. Direct peers are Gran Tierra Energy Inc., Touchstone Exploration Inc., Frontera Energy Corporation and Eco (Atlantic) Oil & Gas Ltd.. Staatsolie Maatschappij Suriname N.V. is listed as a regional player.
Does CGX Energy have an API?
No public API is recorded for CGX Energy.