Another major oil find in Guyana’s waters
erful countries in the hemisphere. The
concession is dominated by Tullow and
Eco Atlantic Oil and Gas out of Toronto.
Exxon has only missed out with dry wells
twice in the past four years.
Clearly energized by the find, Gil Holzman,
chief executive of Eco Atlantic, told
Proactive Investors “that’s a lot of oil.
The quality of it. The porosity of it. The
fact that the entire sandstone is soaked
with oil and bringing out the samples
was so easy gives us a lot of confidence
that next year with a simple appraisal we
can actually consider this Jethro-lobe
alone as a stand-alone field. The entire
standstone is socked with oil,” he said.
To the administration of of President
David Granger who faces general elections
by yearend, the announcement
meant that this latest find by a company
other than Exxon in a new block has
further de-risked the Guyana Basin as
well as the fact that the country is now
sitting pretty on proven reserves about
about seven billion barrels so far.
Tullow and Eco plan to drill at least
one other well before the close of 2019,
but by then, two others with concessions
near these two proven fields, would by
also have drilled four more wells during
the same period.
Repsol of Spain and CGX Energy Inc
of Toronto, have already given notice
to kickstart their drill program and are
mobilizing to do so. The department of
energy says it is thrilled at the pace of
development even though it and government
have justifiably been roundly criticized
for not getting all the relevant laws
in place and local content mandates up
and running, almost five years after the
first announcement. Exxon is planning
to begin actual production as early as
late November once its massive Floating
Production Storage and Offloading
(FPSO) vessel arrives in Guyana and is
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hooked up to wells just waiting to gush.
“The department is encouraged by
the prolific rate of discovery in Guyana
and will continue to work assiduously
and conscientiously to extract optimum
value from these resources for all the
peoples of our country,” said Director
Mark Bynoe. “This is a major development
for Guyana as it adds to the further
de-risking of the deep and ultra-deep
zone. Furthermore, it offers significant
potential for the diversification of the
hydrocarbon production base.”
Officials says a find by any or both
of these companies will make Guyana
the Saudi Arabia of the hemisphere as
both are in separate blocks from Exxon
and now Tullow. As news of the discovery
spread, authorities in neighboring
Suriname where both Exxon and Tullow
have interests, celebrated as the area is
southeast of the city and closer to the
border with the Dutch-speaking fellow
CARICOM nation, yet to find offshore oil.
Suriname produces about 16,000 barrels
daily from onshore wells across the border
Corentyne River with Guyana.
Rudolf Elias, general manager of
state-owned Staatsolie says that “that is
good news for Suriname. I maintain that
it is only a matter of time before a major
oil discovery is made in the offshore sector
in Suriname. Every major discovery
in Guyana benefits Suriname. It is a
kind of puzzle that needs to be solved
to find out where the oil is. Now Tullow
also has the key and the puzzle can be
solved faster.”
Regionally, Jamaica recently reported
oil slicks both on and offshore and
thinks it is also just a well away from a
gush. Again Tullow is one of the major
operators, while Prime Minister Keith
Mitchell of Grenada last year announced
evidence of oil and gas off the coast of
a country near Trinidad, an oil and gas
producer for more than 100 years.
Continued from Page 1
The Jethro-1 was drilled by the Stena Forth drillship to a total depth of
4,400m metres in approximately 1,350 metres of water. www.tullowoil.com
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