Tullow Oil plans to drill its first well in the much-watched Guyana offshore basin in the third-quarter of next year in its Orinduik license bordering discoveries by ExxonMobil Corp. (NYSE: XOM), a spokesman said on Sept. 5.
Exxon and U.S. partner Hess Corp. (NYSE: HES) have said that more than 4 billion barrels of oil equivalent could be recovered from the Stabroek Block off Guyana, which is part of one of the world's biggest oil discoveries in the past decade.
Tullow owns 60% and Eco Atlantic Oil and Gas 40% in Orinduik. Total (NYSE: TOT) has an option to buy 25% from Eco.
“Hammerhead-1 is located approximately 7 kilometers from the Orinduik license boundary ... Hammerhead-1 found material oil in turbidite channel systems,” the Tullow spokesman said of a recent Exxon discovery in the Stabroek Block.
“Our 3-D seismic [data], which includes Hammerhead, shows that these channel systems extend updip into the Orinduik license. We will now pick the well location for our first well on this license and remain on track for drilling that well in the third quarter of 2019.”
Tullow also has a 37.5% stake in the Kanuku license offshore Guyana alongside Repsol and Total. It also owns stakes in two blocks off Guyana’s neighbor Suriname, where its partners are Ratio, Equinor and Noble.
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