Tullow Oil has started drilling at its second exploration well in the Orinduik block offshore Guyana. The drilling of the new found oil well known as the Joe prospect is coming after the company’s Jethro-1 well which struck oil earlier this month.
According to Eco Atlantic, Tullow’s partner in the block, Joe-1 was spud at 14.45hrs (Local Guyana time) on August 25, 2019, using the Stena Forth drillship – the same rig that was used for the Jethro discovery.
Joe prospect, a Tertiary feature on the northern part of the Orinduik Block in approximately 700 meters of water is estimated by Gustavson Associates to hold 148.3mmboe of gross unrisked prospective oil resources (P50).
According to the Chief Operating Officer of Eco, “We are very pleased to have spudded on Sunday our second exploration well on Orinduik. After the discovery made on Jethro in the Lower Tertiary, which greatly derisked that age section throughout the block, we are now moving to an Upper Tertiary target in the Joe prospect where we are targeting over 100mmboe. If a further discovery is made, it will further enhance the value of the block with this shallower play. The estimated chance of success for Joe is the same as Jethro, although it is a completely different play, and we are confident in our 3D interpretation as we were ahead of the Jethro-1 discovery.”
“We look forward to continued success in our exploration efforts as we move forward to define the plays available to us in all the various geological ages and to develop this block.”
Tullow, the operator of the Orinduik block holds 60 per cent stake, while Total holds 25 per cent % with the remaining 15 per cent being held by Eco(Atlantic) Guyana Inc.
Tullow is hoping to replicate ExxonMobil’s success, as the Orinduik block is located next to Exxon’s Stabroek block where more than a dozen discoveries have been made.
With several oil discoveries, Guyana is set to become an oil-producing nation in March next year upon the arrival and the hook-up of the Liza Destiny FPSO to Exxon’s Liza field.
The FPSO is expected to reach Guyana in a few days and will be deployed at Exxon-operated Liza field as part of the first phase of the development offshore Guyana. First oil is expected in the first quarter of 2020.
The Liza field is expected to start producing up to 120,000 gross bopd by the first quarter of 2020. The first phase is expected to develop around 500 million barrels of oil.
The FPSO, the first of several to be deployed in Guyana, will be spread moored in a water depth of 1,525 meters and will be able to store 1.6 million barrels of crude oil.
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