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Repsol revs up for another well offshore

Aug 05, 2012 News

Despite failing in its first two attempts to find oil in commercial quantities, Guyana is aiming at another well. This time a new well in waters off the Georgetown block is expected to hit a depth of up to 21,500 feet.
According to a government statement yesterday, it met on Tuesday with Repsol Exploracion S.A., operator of the Georgetown Block along with officials of the consortium involved in the drilling operations of the Jaguar-1 Well offshore Guyana.
The meeting was to discuss the preliminary outcomes of the project and potential future plans, a statement from the Ministry of Natural Resources said. The partners to the Georgetown Block are Tullow Oil plc (30%), CGX Resources Inc (25%), YPF Guyana Ltd (30%) and Repsol Exploracion S.A. (15%).
Drilling of the Jaguar-1 well was stopped at a depth of 15,998 ft and the decision to plug and abandon was taken unanimously by all partners based on the high pressures encountered. This decision to abandon the well was fully supported by the Government of Guyana. While the well was planned as a High Pressure, High Temperature (HPHT) well, actual pressures observed were significantly higher than predicted and continuing to deepen the well would not have been within the well design parameters to contain these pressures.
The drilling of the well progressed to plan in the early stages, but high formation pressures found deeper dictated the plugging and abandonment of the well. Abandonment was achieved as planned and subsequent monitoring of the site is also planned for the immediate future.
“While Repsol and consortium partners continue to evaluate all of the data gathered during the drilling of Jaguar-1, they shared with the Government Officials preliminary findings, which included evidence of petroleum occurrences and indicated their future plans to determine the viability of reaching the primary objective of Jaguar-1. Based on the now known pressures, a new well may be drillable to the primary and secondary targets deeper than 18,000 ft and as deep as 21,500 ft,” the Ministry disclosed yesterday.
The Guyana Geology and Mines Commission has been mandated to work with the consortium on the best way forward to achieve an early restart of exploration drilling on the Georgetown Block.
Almost three months ago, CGX Energy Inc. announced that it also failed to find oil in commercial quantities in a well being drilled in another concession off the Corentyne shores.
With prices for oil remaining high on the world market, Guyana has been desperate to have its own well. It is banking on the fact that neighbouring Venezuela and Suriname have one and therefore there is in all likelihood, oil in Guyana too.

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