GUYANA – TULLOW Guyana BV has made its first oil discovery in offshore Guyana at the Jethro-1 well in the Orinduik Block.
The company is a subsidiary of UK-based oil company Tullow Oil Plc.
The Guyana Chronicle has quoted Tullow spokesman George Cazenove as saying that it is likely that the well will exceed the company’s pre-drill estimated of 100 million barrels of recoverable resources.
In a statement on Monday, Tullow Oil said the Jethro-1 was drilled by the Stena Forth drillship to a total depth of 4,400m in approximately 1,350 metres of water.
Tullow said, “Evaluation of logging data confirms that Jethro-1 is the first discovery on the Orinduik licence and comprises high quality oil bearing sandstone reservoirs of Lower Tertiary age. The well encountered 55m of net oil pay which supports a recoverable oil resource estimate which exceeds Tullow’s pre-drill forecast.”
Tullow Oil Chief Executive Officer Paul McDade said the discovery was the result of the significant work done by the company and its subsidiary.
He said, “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.”
According to the company, this new discovery significantly de-risks other Tertiary age prospects on the Orinduik licence.
And the Guyana Director of the Department of Energy, Dr Mark Bynoe said the discovery was another major development for the Co-operative Republic of Guyana (CRG). Like Tullow Oil, he said the discovery added to the further de-risking of the deep and ultra-deep zone.
Bynoe said, “The Department of Energy (DE) is encouraged by the prolific rate of discovery in the CRG and will continue to work assiduously and conscientiously to extract optimum value from these resources for all the peoples of our country.”
Bynoe said the new discovery demonstrated the vastness of the country’s natural resources, and assured that all Guyanese stand to benefit significantly from the oil discoveries.