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The Guyana-Suriname Basin has an estimated resource potential of more than 13 billion barrels of oil, according to the U.S. Geological Survey.
An RCP/Wintershall venture examines usefulness of multicomponent data.
The country’s offshore auction is risky but offers opportunities for major oil companies, analyst says.
The round raised roughly $829 million in signature bonuses and a commitment of $194.2 million in planned investments for exploratory work.
Some companies are showing interest in the Potiguar Basin as Petrobras looks to sell some onshore blocks in the basin.
State-run Brazilian oil company Petrobras is working to sell $21 billion in assets over a two-year period to reduce its debt.
GeoPark Ltd. (NYSE: GPRK) has expanded in the Neuquen basin in Argentina with the acquisition of Los Parlamentos block in partnership with YPF SA , the company said on June 11.
An auction of oil by the Brazilian government from coveted offshore presalt fields has only attracted the interest of one bidder, Royal Dutch Shell, a person familiar with the matter said on May 24.
Petrobras, as the firm is known, said in a securities filing it would sell stakes of between 20% and 50% in four blocks in the area, transferring rights to explore, develop and produce oil.
Argentina, which is still defining the areas to be included in its auction, expected to receive bids in late November and is giving incentives for oil companies currently exploring at its large Vaca Muerta shale play to move from pilot to full development phase.
Echo Energy plc said May 18 it has successfully completed the drilling of the ELM-1004 exploration well at the company’s Fracción C asset, onshore Argentina and a gas discovery for the first well in its four well exploration campaign.
GeoPark Ltd. (NYSE: GPRK) has confirmed the successful drilling and testing of the Tigana Norte 4 appraisal well in the Tigana oil field in Llanos 34 Block in Colombia.
GeoPark Ltd.’s Tigana Norte 3 appraisal well has confirmed the Tigana/Jacana oil field’s extension toward the northeastern limits of Colombia’s Llanos 34 Block.
Anadarko, the operator, said the well hit 79 m to 110 m (260 ft to 360 ft) net of natural gas pay.
A test conducted with an electric submersible pump in the Guadalupe Formation across multiple sand units resulted in a production rate of about 1,800 barrels of oil per day (bbl/d) of 16 degrees API, with a 17% water cut through a choke of 38/64 mm and wellhead pressure of 80 pounds per square inch, the company said.
Exxon Mobil encountered about 78 m (256 ft) of high-quality, oil-bearing sandstone reservoir. The well was safely drilled to 5,504 m (18,057 ft) depth in 1,940 m (6,365 ft) of water. The Stena Carron drillship commenced drilling on May 25.
ExxonMobil encountered about 20 m (65 ft) of high-quality, oil-bearing sandstone reservoir. The well was safely drilled to 5,597 m (18,363 ft) depth in 2,067 m (6,781 ft) of water. Drilling commenced Jan. 29.
ExxonMobil affiliate Esso Exploration and Production Guyana Ltd. began drilling the Ranger-1 well on Nov. 5, 2017, and encountered about 70 m (230 ft) of high-quality, oil-bearing carbonate reservoir.
A production test conducted with an electric submersible pump in the Guadalupe Formation resulted in a production rate of about 1,700 barrels of oil per day.
Located about 115 km (71 miles) offshore Brazil’s Rio de Janiero state, the Poraquê Alto well was drilled to a final depth of 4,568 m (14,987 ft) with a water depth of 1,107 m (3,632 ft), Petrobras said in a news release.