Published On: Mon, Jan 12th, 2015

Many companies interested in exploring for oil

oil companyWILLEMSTAD – There is a petition for a 1 million guilders loan from the public company, Curaçao Oil Refinery (RdK) to be used as seed funding for the new Curaçao Oil and Gas Company (COGC). The request was made by Werner Wiels, who is a member of the COC Board.

The petition is being evaluated. “There is no decision yet,” said the board member.

“We are currently working on the regulations which deals with the exploration of oil and gas in our territorial waters.” Wiels also confirmed that there are various companies in this sector which are interested in the developments taking place in Curaçao.

“There is a lot of interests to explore in our territorial waters, which gives a positive signal.” Wiels did not say which companies are interested, but he did say that the COGC is working hard to become operational as soon as possible.

“There is an agreement between public companies that they can borrow money from each other if this is necessary. In this case, the COGC has made a request for a loan, thus we have to repay these funds,” Wiels indicated.

“I want to stress that this is not a donation. It’s a loan, we have to pay it back. There are conditions attached to it. I also want to say that neither the Interim Director, Lisette Bor nor the Supervisory Board are being paid for what they are doing. Our priority right now is to get the company going. We are looking for the funds to get the company started,” said the board member.

The funds are specifically to attract companies and to prepare for the details about the exploration. Once the COGC is operating, negotiations can start with the companies that are interested. The COGC will sell information packages to these companies as is customary in the rest of the world. This will generate funds for the COGC to repay the loan.

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