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Tullow partner hikes Guyana block potential to 4 billion barrels

 

 


 

By Robert Perkins / Platts

LONDON
Petroleumworld 03 19 2019

Guyana's closely-watched Orinduik offshore exploration block could hold almost 4 billion barrels of oil equivalent in recoverable oil and gas, more than a third more than previously expected, one of the block partners said Monday.

A new assessment of potential resources in the block, which is operated by the UK's Tullow Oil, estimates Orinduik holds gross prospective resources of 3.98 billion boe, with oil making up 88% of the total, Eco Atlantic Oil & Gas said.

Guyana has become one of the world's hottest exploration plays after ExxonMobil made a string of large finds in an adjacent block off the Latin American country?s Caribbean coastline. ExxonMobil estimates its Stabroek block holds more than 5 billion barrels of oil equivalent, most of it oil.

In September, Tullow pegged the oil and gas potential of the nearby Orinduik block at 2.91 billion boe and the latest estimate included the results of new 3D processing. Tullow operates the block with a 60% stake and Eco Atlantic holds a 40% interest.

"Eco is pleased with the progress made in defining the prospectivity on Orinduik. As the regional play continues to develop, and more discoveries have been made...this has allowed us to build upon our model," Eco COO Colin Kinley said in a statement.

Eco said the partners planned to start drilling their first exploration target in the block in June. The size prospect, named Jethro, has also been firmed up and is estimated to contain 214.5 million boe with a 43% chance of success, Eco said.

Previously, the Jethro prospect was estimated to holds prospective resources of 100 million boe.


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Story by Robert Perkins from Platts / SPGlobal.

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