Partners Tullow Oil Plc, Total SA and Eco Atlantic Oil & Gas Ltd. have chosen the "Joe" prospect for a second well in their much-watched Orinduik oil and gas field off Guyana's coast, Eco said March 29.
Eco Atlantic earlier this month increased the estimate for the field to about 3.9 billion barrels of oil equivalent (boe), a third more than announced in an estimate released in September.
The well will be drilled with the Stena Forth drillship in mid-July moving on from the Jethro Lobe well in the same field.
"Joe is a 150 million boe (P50 – best estimate) Upper Tertiary target which has a 43.2% chance of success... Net cost to Eco for its 15% working interest in the Joe Well is expected to be approximately $3 million," Eco Atlantic said.
The Orinduik Block is located next to an Exxon Mobil field, which has an estimated 4 billion boe. The Exxon Mobil discovery put Guyana on the world map of oil resources.
RELATED: Exxon Mobil Reaches 12 Discoveries Offshore Guyana
Tullow, the operator of the Orinduik Block, has a 60% stake. Meanwhile, Total has a 25% stake with Eco Atlantic owning the remaining 15%.
Recommended Reading
Solar Panel Tariff, AD/CVD Speculation No Concern for NextEra
2024-04-24 - NextEra Energy CEO John Ketchum addressed speculation regarding solar panel tariffs and antidumping and countervailing duties on its latest earnings call.
NextEra Energy Dials Up Solar as Power Demand Grows
2024-04-23 - NextEra’s renewable energy arm added about 2,765 megawatts to its backlog in first-quarter 2024, marking its second-best quarter for renewables — and the best for solar and storage origination.
BCCK, Vision RNG Enter Clean Energy Partnership
2024-04-23 - BCCK will deliver two of its NiTech Single Tower Nitrogen Rejection Units (NRU) and amine systems to Vision RNG’s landfill gas processing sites in Seneca and Perry counties, Ohio.
Clean Energy Begins Operations at South Dakota RNG Facility
2024-04-23 - Clean Energy Fuels’ $26 million South Dakota RNG facility will supply fuel to commercial users such as UPS and Amazon.
Romito: Net Zero’s Costly Consequences, and Industry’s ‘Silver Bullet’
2024-04-22 - Decarbonization is generally considered a reasonable goal when presented within the context of a trend, as opposed to a regulatory absolute.