Latest update November 22nd, 2024 1:00 AM
Latest News
- Exxon wants new oil block on own terms
- Indian companies eye Guyana’s oil
- ICC issues arrest warrant for Israeli PM Netanyahu for ‘war crimes’ in Gaza
- Developing countries should not be curtailed in exploiting natural resources- PM Modi tells Parliament
- Jagdeo was sold expired soft drink at Marriott Hotel
Oil companies to drill US$93M well in Corentyne Block next year
Kaieteur News – Canadian oil explorers, Frontera Energy Corporation and CGX Energy Inc., said yesterday that they are all set to drill their next target in the Corentyne block, offshore Guyana.
In fact, the partners said final preparations are complete in advance of spudding the Wei-1 well which follows the discovery of light oil and gas condensate at the Kawa-1 well made earlier this year.
Kaieteur News understands that the Wei-1 well will be located approximately 14 kilometres northwest of the Kawa-1 exploration well in the Corentyne block, approximately 200 kilometres offshore from Georgetown, Guyana, and will be drilled in water depth of approximately 1,912 feet (583 metres) to an anticipated total depth of 20,500 feet (6,248 metres).
Map showing the location of the Corentyne Block
Furthermore, the Wei-1 well will target Maastrichtian, Campanian and Santonian aged stacked channels in a western channel complex in the northern section of the Corentyne block.
It was previously reported that the Wei-1 well was named after one of the tallest peaks in the Pakaraima Mountain Range, which has commanding visibility over the surrounding terrain. Wei Tepu was historically used as a sentinel post by the Patamona people to guard against attacks.
As part of its preparations, the partners have agreed with the Government of Guyana that the Wei-1 well will be spudded no later than January 31, 2023, utilising the Noble Corp Discoverer semi-submersible mobile drilling unit. This is in keeping with the schedule provided to CGX Resources Inc. by Noble Corporation so as to allow for the Noble Corp Discoverer to complete its current obligations in Trinidad.
Under the terms of the License for the Corentyne block, the Joint Venture was previously required to spud Wei-1, the second of two commitment wells on the block, by November 27, 2022.
Orlando Cabrales, Chief Executive Officer of Frontera, commented that the joint venture remains firmly committed to drilling the Wei-1 well and is grateful for the ongoing support from the Government of Guyana as they mutually work to unlock the potentially transformational opportunity in the Corentyne block.
Cabrales said, “Significant investment, planning and work has been completed in preparation to drill Wei-1 and we are ready to drill the well upon rig arrival in one of the most exciting exploration areas in the world.”
CGX previously noted that the well will be drilled at a cost of US$93M. This sum would be recoverable should CGX move to production on the heels of a commercial discovery.
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
A false panacea for electoral integrity
…Peeping Tom kaieteur News – Advocates for fingerprint verification in Guyana’s elections herald it as... more
Rising Gun Crimes in the Caribbean: Urgent Action required by all
By Sir Ronald Sanders Kaieteur News – There is an alarming surge in gun-related violence, particularly among younger... more
Weekend Cartoon
