Tullow finds more oil in Guyana

(Department of Public Information)The European company, Tullow Oil plc remains positive as they continue their deep-water explorations offshore Guyana.

On Thursday morning, the company announced that the Carapa-1 exploration well, drilled on the Kanuku licence encountered approximately four metres of net oil pay based on preliminary readings.

The report stated that preliminary results of drilling, wireline logging, pressure testing and sampling of reservoir fluid indicate the discovery of oil in Upper Cretaceous age sandstone reservoirs. Rig site testing has indicated that the oil is 27 degrees API with a sulphur content of less than 1 percent. Detailed laboratory analysis of the oil quality will follow in due course.

According to the company, the Carapa oil discovery suggests the extension of the Cretaceous oil play from the Stabroek licence southwards into the Kanuku licence. It noted that while net pay is lower than pre-drill forecasts, the 27-degree API oil supports the significant potential of the Cretaceous play on both the Kanuku and adjacent Orinduik licences.

Read more at: Department of Public Information

Source: CARICOM TODAY