London-based Tullow Oils has announced intentions to start drilling offshore wells in Guyana by year-end.
This will come as good news for the country as CGX Energy Inc has already signaled intentions to also start drilling in the second half of this year also.
Tullow Guyana has a 30% stake in the Guyana Maritime Licence, in the Georgetown offshore block. CGX Resources also has 25% and Repsol Exploración 15%.
According to a news item on the Business News America on Wednesday, Tullow’s Exploration Director, Angus McCoss, says that wildcat wells are to be drilled in Guyana and French Guiana by this year-end.
In French Guiana, Tullow has a 39% stake in that country’s licence. According to McCoss, a 3D seismic survey was completed over Georgetown early last year.
The gross upside estimates for Guyana says that there may be 1,000 MB (million barrels) present.
In January, CGX Energy Inc., the Canadian-based oil and gas company, focused on exploration for oil in Guyana, announced that the parties to the Georgetown Petroleum Prospecting Licence, have renewed existing agreements with the Georgetown Petroleum Prospecting Licence (PPL) offshore Guyana, thereby entering into the Second Renewal Period.
According to a CGX release, during the first 18 months of the Second Renewal Period there is a minimum work commitment of one exploration well. In transition to the Second Renewal Period and as required by the Georgetown PPL, approximately 30 percent of the area under contract has been relinquished to the Government.
The release added that processing and interpretation of the recently acquired 1,839 sq km 3D seismic is well advanced for the selection of the location for the commitment well.
President and Chief Executive Officer (CEO) of CGX stated, “On November 21, 2009, CGX announced it was scheduled to drill on its 100 percent Corentyne PPL during the second half of 2010. With the renewal of the Georgetown PPL, CGX will be participating in a second well in the basin.”