Independent UK explorer, Tullow Oil, has embarked on a three-well exploration programme in Guyana, which it recently revealed holds a total prospective resource of about 400M barrels of oil.
Two of those wells are in the Orinduik Block. The first, being the Jethro-1 well, saw a massive discovery last month. It holds over 100M barrels of recoverable resource. The second well, which is the Joe prospect in the Tertiary play, is being drilled to 700m ft; well results are expected by mid-September. The Stena Forth drillship was contracted for the Orinduik Block drilling programme.
The third well is called the Carapa. This is in the Kanuku block where Repsol is the operator. That well, which is considered a Cretaceous target, is being drilled with a Jack-up rig. It is estimated to hold over 200M barrels of oil.
Chief Executive Officer (CEO) of Tullow Oil, Paul McDade noted recently that the Jethro discovery is of such high commercial value that it can be considered a “standalone development.”
Following the results of the Joe and Carapa prospects, the CEO said that the license holders will return to the drawing board to assess development plans. McDade also noted that Tullow will undertake an overall appraisal programme for this block next year to update its commercial viability.
The Orinduik block, which is located in shallow waters, is estimated to have almost three billion barrels of recoverable resource. Tullow holds the position of operator for the Orinduik block as it has a 60% stake. Its two other partners are French oil major Total and Eco Atlantic which holds 25% and 15% respectively.
Total recently sold 10 percent of its shares to Qatar Petroleum. That sale of interest is awaiting government’s approval.