Active year ahead for Guyana; 14 wells to be drilled - Financial Analyst

Active year ahead for Guyana; 14 wells to be drilled – Financial Analyst

Mar 23, 2019 News

2019 is expected to be a most active year for offshore Guyana as approximately 14 exploration and appraisal wells will be drilled.
This is according to a report that was produced by Financial Analyst, Jenny Xenos, of Canaccord Genuity Corporation which is based in Canada.
Canaccord Genuity is a boutique investment banking firm that offers financial advisory services. The firm provides initial public offering, private placement, financial restructuring, fund raising, and mergers and acquisitions advisory services. It caters to metals and mining, energy, technology, financial, real estate, and healthcare sectors.
In an Industry Update report, the author stated that up to nine wells will be drilled on the prolific Stabroek Block, two of which are currently being drilled. The Stabroek Block is operated by ExxonMobil’s subsidiary, Esso Exploration and Production Guyana Limited (EEPGL), Hess and CNOOC.
Furthermore, two wells are slated for drilling on the Orinduik Block, which is under the licensed control of Tullow Oil, Total and Eco Atlantic.
One well is planned for the Kanuku Block by Repsol and Tullow Oil.
The Corentyne Block also has one well planned for drilling by its operators CGX and Frontera Energy.
The Canje Block will also see one well being drilled by ExxonMobil, Total JHI and Mid-Atlantic.
The author in her report said, “At this time, we are not aware of any wells planned to be drilled offshore Suriname in 2019. In the near term, we believe the focus will be on the offshore Guyana where significant discoveries have been made to date. The planned wells will further define the basin’s resource potential and de-risk a number of prospects upon success.”
The Financial Analyst continued, “We expect operators to prioritize high-potential prospects in close proximity to existing discoveries in order to establish opportunities for material and efficient development. To quote an old petroleum industry maxim, the best places to find oil are in spots where it’s already been found.”
She added that much of ExxonMobil and partners’ activities will be focused in the southeastern part of the Stabroek Block. She said, too, that ExxonMobil has not released the schedule for its 2019 drilling programme.

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