Latest update April 28th, 2026 12:30 AM
Repsol requests extension for new oil well
As interest remains high in search of oil, Government yesterday said it is favourably considering granting Spanish-owned Repsol, a six-month extension to drill another well.
From left: Acting Commissioner of Guyana Geology and Mines Commission, Newell Dennison; Permanent Secretary Joslyn McKenzie; Minister of Governance Raphael Trotman; Allan E. Kean, Atlantic Basins Exploration Manager and Giancarlo Ariza, Guyana Country Manager.
The company is currently required to commit to drilling or relinquish exploratory rights by the middle of November 2015. A six-month extension would give it up to May 2016 to make a decision on drilling just one year before the projected date, which will remain at the middle of May 2017.
Yesterday, Minister of Governance Raphael Trotman met with Repsol Exploration executives during a courtesy call at his office today. Allan E. Kean, Atlantic Basins Exploration Manager and Giancarlo Ariza, Guyana Country Manager, used the opportunity to request an extension of six months to continue gathering seismic data on the Kanuku Block, where exploratory work is currently being conducted.
Minister Trotman, who was acting on behalf of President David Granger, who is responsible for the Petroleum sector, said that the request would be favourably considered.
Acting Commissioner of the Guyana Geology and Mines Commission Newell Dennison, who was also present at the meeting, is tasked with presenting a report to the President, before the request can be granted.
The Minister said that the President is eager to fast forward the development of Guyana for all Guyanese and sees the extractive sector as one that can provide “the fuel that can take Guyana from zero to 100 fast.” He noted that the President is keen on expanding investments in the petroleum sector.
Repsol also applied two years ago for exploratory rights for Ultra Deep Water Block C.
The company boasts being first to discover oil in Guyana in July 2012 when they began drilling at the Jaguar-1 Well and found the presence of hydrocarbons. Though that drill site did not produce oil in economic quantities, Repsol was able to gather significant seismic data that will be useful for future exploratory work.
Minister Trotman was presented with a sample of the hydrocarbons found at the Jaguar-1 drill site by the company.
Recently, US-owned ExxonMobil announced that it has found significant evidence of oil in a well it drilled offshore Guyana. It has raised considerable interest in more activities in other concessions by other players.
It will be at least five years before Guyana can move to the production phase.
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