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CGX announces second oil discovery in Corentyne Block
Kaieteur News – Canadian oil and gas company, CGX and its partner, Frontera Energy Corporation on Wednesday announced its second successful discovery in the Corentyne Block, Wei-1.
In a statement to the media, the joint venturers disclosed that the discovery was struck at the Wei-1 Well on the Corentyne Block, approximately 200 kilometers offshore Guyana. Kaieteur News understands that the discovery is some 14 kilometres northwest of the Joint Venture’s previous Kawa-1 light oil and condensate discovery.
Previous reports indicate that the well was drilled in a water depth of approximately 1,912 feet (583 metres) to an anticipated total depth of 20,500 feet (6,248 metres). According to the partners the Wei-1 well encountered 210 feet of hydrocarbon bearing sands in the Santonian horizon.
CGX and Frontera had commenced spudding the well in January this year and revealed that the operations would cost an approximate US$190-US$195 million to complete. The Wei-1 well is named after a tall peak in the Pakaraimas. Wei Tepu was in fact used as a sentinel peak to guard against invading peoples.
It was explained that the joint venture acquired wireline logs and extensive core samples from the Santonian, however, due to a tool failure down hole and a new tool not being available, oil samples were not obtained. As such, the oil companies said the rock and fluid properties of the Santonian will now be analyzed by an independent third-party laboratory over the next two to three months to define net pay and a basis for the evaluation of this interval.
Map showing the location of the Wei-1 Well in the Corentyne Block and its proximity to the first discovery there, Kawa-1
The companies explained, “The Joint Venture has updated its previously announced discovery in the Maastrichtian and the Campanian intervals to 77 feet of net pay. Fluid samples were retrieved from the Campanian and Maastrichtian indicating the presence of light crude in the Campanian and sweet medium crude oil in the Maastrichtian.”
The joint venture said the drilling operations were successfully completed with no safety incidents while the drilling rig is expected to be released early next month. It added that the data acquisition program included wireline logging, MDT fluid samples and sidewall cores throughout the various intervals. Over the next few months, results will be integrated into the geologic and geophysical models to form an updated view of the entire northern portion of the Corentyne block.
The northern portion of the Corentyne block includes the channel complexes discovered by the Kawa-1 and Wei-1 wells, and a prospective central channel complex, which is yet to be evaluated. The Joint Venture is excited by the definitive presence of oil in the Maastrichtian and Campanian and the presence of hydrocarbons in the Santonian and believes there is significant potential in the block. Earlier this year, the partners said any future drilling in the block would be hinged on the success of the Wei-1 well.
After more than 20 years of exploration activity in the Corentyne Block, the Canadian partners finally struck oil in January 2022 at the Kawa-1 well. Kaieteur News in an earlier report detailed that the companies pumped more than US$350 million during that period before landing its first discovery.
Prior to its two successful wells, the Canadian Energy companies drilled two wells in the Corentyne Block. These include Horseshoe in 2000 and Eagle (EGT-1) in 2012.
The announcement by CGX and Frontera are likely to create more traction to the Guyana Basin, even as the country’s maiden bid round remains open. Fourteen of the country’s oil blocks are on auction, with an estimated reserve of about 10 billion barrels of oil.
The blocks range between 1000 square kilometres to 3000 square kilometres with the majority of them being close to 2000 square kilometres. Eleven of these will be in the shallow area and three in the deep area.
Vice President Bharrat Jagdeo recently said that the country has seen tremendous interest from companies, as he announced an extension of the bid round to facilitate the completion of the new Petroleum Exploration and Production Act and the Production Sharing Agreements (PSAs) to govern the areas.
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