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Repsol and Tullow partner for Kanuku block
The contract between the Government of Guyana and Repsol Exploración Guyana has been released, along with an addendum. The addendum shows that Repsol will no longer be operating the Kanuku oil block alone. It is now accompanied by Tullow Oil.
Minister of Natural Resources, Raphael Trotman (far right) with Repsol officials.
Tullow will have a 30 percent share while Repsol retains 70 percent.
Repsol is an international energy company, present in 37 countries and with activity throughout the energy value chain, including exploration, production, refining, chemicals, retail sales and the development of new energy solutions.
Tullow Oil, parent company of Tullow Guyana B.V. is a leading independent oil and gas exploration and production company, which has interests in 90 exploration and production licences across 16 countries that are in West Africa, East Africa and ‘New Ventures’, which include Guyana and French Guiana.
Repsol has been present in Guyana since 1997. The company’s current activity in Guyana is focused on the Kanuku block, 150 kilometres offshore Guyana. The company is targeting an oil prospect in the Kanuku block, where it plans to drill the first exploration well in 2019 to determine if hydrocarbons are present.
The Ministry of Natural Resources has indicated that the internal and external ESHIA (Environmental, Social and Health Impact Assessment) process will begin in 2018.
Last week, Repsol’s Director Global New Ventures Mikel Erquiaga and a team from the company met with Minister of Natural Resources, Raphael Trotman. At the meeting, Erquiaga reiterated Repsol’s commitment to its Guyana operations and an aggressive programme of activities that would move swiftly from seismic surveys to exploratory drilling.
The Repsol-Tullow contract is quite similar to the other oil contracts that the Government of Guyana released. However, it features a sliding scale for the sharing of profit oil. Guyana will initially get a 50 percent share, but will eventually receive 60 percent. Guyana will only receive one percent royalty. The entire contract can be viewed online at www.nre.gov.gy.
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