Oil exploration surveys set to begin offshore

By Admin Wednesday September 11 2013 in Caribbean
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GEORGETOWN: A high-level delegation recently toured a state-of-the-art vessel, the Polarcus Asima, which has been engaged by Spanish multinational oil and gas company Repsol to undertake seismic two dimensional (2D) and three dimensional (3D) surveys in the eastern Guyana Offshore – Kanuku Block.

 

In May of this year, the Guyana government and Repsol signed the agreement for petroleum exploration in the Kanuku Block off the Berbice River by 2016.

 

In December 2011, Repsol began offshore drilling of the Jaguar-1 well in Guyana, but operations were abandoned after it encountered very high pressures at intervals above the targeted depth.

 

Despite the setback, the operation did have positive results.

 

“The oil recovered from Jaguar-1 was the first significant amounts ever recovered from offshore Guyana wells,” said Joseba Murillas, the company’s director of exploration in Latin America.

 

Minister of Natural Resources and the Environment, Robert Persaud, welcomed the research and scientific work by Repsol.

 

Persaud said a key component of the exploration activities is early action and encouraged Repsol to maintain its urgency to realize the potential of a commercial discovery of oil. He said the company’s commitment to spend US$35 million for the current survey and the anticipated drilling for oil shows a great deal of confidence in Guyana’s hydrocarbon resources offshore.

 

The Polarcus Asima will conduct refined seismic surveys over the next 90 days, which will be analyzed and fast tracked for presentation to the company, said Allan Kean, Repsol’s Manager of Exploration.

 

Kean said the 2D surveys will last for 10 days, while 3D surveys will take a maximum of two-and-a-half months. The information will allow the exploration team to make recommendations to Repsol’s management.

 

Kean said Repsol will be ready to drill as soon as possible, since the company doesn’t make money until oil is found.

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