Latest update December 18th, 2024 5:45 AM
Latest News
- Stabroek Block offers unique opportunities for highest return on investment – Exxon’s VP
- EPA’s unlawful conduct, lax regulation would implicate the US in any resulting harm from gas project- Int’l lawyer tells US EXIM Bank
- Israeli attacks kill dozens across Gaza as ceasefire talks continue
- Prime suspect in Toshao’s murder surrenders
- Gas-to-Energy project gets initial approval for US$500M loan from US EXIM Bank- US Official
CGX launches new hunt for oil in Corentyne Block
Kaieteur News – Canadian oil explorers, Frontera Energy Corporation and CGX Energy Inc., commenced drilling operations at the Wei-1 Well site in Guyana’s Corentyne Block on Saturday.
The oil company announced through a public notice in the daily newspapers that the operation is scheduled to conclude on June 30, 2023.
The well site is located some 94.2 nautical miles or 174.5 kilometers off the Coast of Guyana and covers an area of 0.29 square nautical miles or one square kilometre.
The vessels OSV Breaux Tide, OSV Aldemir Souza Tide and OSV Saavendra Tide will be incorporated during the activities. All mariners have been advised to stay clear of the vessels that will be used during the operation and navigate with extreme caution when in the vicinity.
Map showing the location of the proposed oil and gas exploration well Wei-1.
In November last year, the oil company announced the postponement of drilling operations at the Wei-1 Well. At the time, it said the operations would commence no later than January 31, 2023.
Under the terms of the Licence 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.
The spudding of the Wei-1 well comes after the discovery of light oil and gas condensate at the Kawa-1 well last year.
It was reported that 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).
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.
The Wei-1 well was reportedly 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.
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
The stakes are high in Guyana’s democracy
Peeping Tom… Kaieteur News- In any vibrant democracy, the mechanisms that bind it together are those that mediate differences,... more
Let the asylum seekers go: a first step for Venezuela to rebuild relations in the Americas
By Sir Ronald Sanders Kaieteur News – The government of Nicolás Maduro in Venezuela has steadfast support from many... more
Weekend Cartoon
