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Repsol plans to drill first offshore well in Guyana by August

 

 


By TT Guardian

GEORGETOWN
Petroleumworld 04 13 2018

Spanish-Argentine company Repsol YPF says it plans to soon drill its first offshore well in Guyana, where it has concessions in an oil-and-gas-rich basin. Manager Giancario Ariza said Saturday that Repsol has already brought heavy-duty equipment into Guyana to drill by late August in an area offshore from the capital of Georgetown. Repsol is targeting an area that experts estimate could contain up to 15 billion barrels of oil and 42 trillion cubic feet (1.2 trillion cubic metres) of gas reserves. Exxon Mobil Corporation, of Irving, Texas, also has concessions in that region. Addressing the mid-year dinner of the Georgetown Chamber of Commerce and Industry (GCCI), Repsol's country manager, Giancarlo Ariza, said the more than four-mile deep well would be drilled in August or September.

The high pressure/ high temperature well will be sunk 107 miles away from Georgetown in the 3,735 square kilometres Georgetown Block near the border with Suriname. The US$110 million project, the first offshore drilling in Guyana in ten years, is expected to last six months. Drilling should have started in May but, according to Ariza, bad weather and other reasons caused the rig to be delayed off Suriname. Although the Spanish oil-giant has so far spent US$30 million on various seismic and geological studies, he cautioned that there was no certainty that oil would be found in commercial quantities. 


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04 13 2018

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