Tullow Guyana27 Apr 2023 19:41
In 2019, Tullow Oil announced a discovery in the Orinduik Block, where it is the operator with a 60% interest, with Eco Oil and Gas controlling 15% and a joint venture between TotalEnergies and Qatar Petroleum holding the remaining 25%. That discovery was found to be heavy sour crude oil, which at the time was deemed non-commercial due to weak oil prices, although during 2022, the commercial potential of the find was reevaluated as petroleum prices soared. Orinduik is estimated to contain 5.1 billion barrels of oil equivalent. Tullow and partners are planning to drill another well during 2023 or 2024, with the most likely target being the Amatuk prospect which is believed to hold 267 million barrels and has a 28.8% chance of success.
There was also a series of wells drilled on the Kanuku Block in which Tullow has a non-operated 37.5% working interest, with the operator Repsol holding 37.5% and TotalEnergies the remaining 25%. While two discoveries have been made on Kanuku since 2020, they were both deemed non-commercial. The latest was the Beebei-Potaro wildcat well, completed in August 2022, which was especially disappointing. The targeted reservoirs were deemed of good quality but water-bearing which saw the well plugged and abandoned. Repsol is currently in the process of mapping its activities in the Kanuku Block and working the latest drilling results into the block’s subsurface models before embarking on another well. It is speculated that Tullow will relinquish its non-operated 37.5% interest in the block.
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