Tullow optimistic about oil prospects

Tullow Oil, one of the major shareholders in the drilling of the Jaguar Well in the joint venture offshore concession, is counting on their years of expertise in the exploration endeavour, and is optimistic about the prospects, the Government Information Agency (GINA) has reported.

Drilling commenced on February 7.

Tullow Oil Business and Exploration Manager in South America John McKenna and Lead Geologist and Guyana Basin Team leader Sean Mulligan met President Donald Ramotar for the firsttime on Thursday. Noel Dennison from the Guyana Geology and Mines Commission (GGMC) was also part of the meeting.

The officials are in Guyana to meet with their partners, Repsol of Spain, CGX of Canada and YPF and used the occasion to enlighten the Guyanese Head of State on the operations of Tullow Oil in Guyana and the region.

Apart from  the challenges experienced initially in the drilling process, McKenna said the operations are going well since the rig arrived and drilling started, according to GINA.

He is as optimistic about the prospects as the other licence holders; especially with the recent discovery in the Guyane Maritime permit approximately 150-kilomters offshore French Guiana in which Tullow Oil was integrally involved.

The announcement was made in September last year.

The Jaguar Well drilling venture has a six-month timeline and McKenna is hopeful that it will be achieved without any difficulties.

Tullow Oil, a London-based Company, YPF and CGX of Canada are the main partners in the Jaguar well joint venture drilling project, holding equity interests of 30 and 25 percent respectively.

Guyana is the second most attractive under-explored basin in the world with a potential of 15.2 billion barrels of oil and were a discovery to be made, production targets would be estimated at 50 million barrels per year, GINA reported.

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