News

12
Aug

Tullow Makes Major Deepwater Oil Discovery Off Coast of Guyana

Independent Oil & Gas exploration and production company Tullow Oil have announced a major oil discovery in the Orinduik block offshore Guyana.

The Stena Forth drillship was used to drill the Jethro-1 well off the coast of Guyana

It’s thought that the Jethro-1 well will hold over 100 million barrels of oil – far exceeding expectations.

The deepwater well was drilled by the Stena Forth drillship to a total depth of 4,400 metres at a water depth of 1,350 metres. Evaluation of the logging data confirms that the area comprises high quality oil bearing sandstone reservoirs of Lower Tertiary age. It encountered 55 metres of net oil pay.

“It looks like we have something we would develop. It looks like we have a long-term business in Guyana,” said CEO Paul McDade.

The Orinduik block neighbours the Stabroek block which itself has delivered a number of exploration successes for ExxonMobil in the last few years. This initial find supports the potential for high value reserves throughout the Orinduik, making it a much less risky licence for further exploration.

Tullow operate the block with a 60% stake, in partnership with Total (25%) and Eco Atlantic (15%). Following the conclusion of operations at the Jethro-1 well, the company plan to commence drilling later this month on the shallower Upper Tertiary Joe prospect within the block. The non-operated Carapa 1 well in the adjacent Kanuku licence will follow later this year, to test the Cretaceous oil play in the area.

“This substantial and high value oil discovery in Guyana is an outcome of the significant technical and commercial focus which has underpinned the reset of our exploration portfolio. It is an excellent start to our drilling campaign in the highly prolific Guyana oil province. We look forward to drilling both the Joe and Carapa prospects in our 2019 drilling campaign and the material follow-up exploration potential in both the Orinduik and Kanuku licences,” said McDade.