Repsol starts survey on low-yield block in Guyana

GEORGETOWN, August 9, 2023 – Spanish energy giant Repsol has begun an environmental study on the offshore Kanuku block in Guyana after drilling two non-commercial exploration wells, Upstream Online reported on Tuesday.

The study will be performed by the Atlantic Spirit vessel near the Beebei-1 exploration well, which is located around 133 kilometres from the coast.

The post-well survey follows the drilling of two exploration wells, the Carapa-1 and Beebei-1, which both met with low results. It is expected to determine if the company will continue its investments in the concession.

The Carapa-1 well encountered 4 metres of net oil pay and was deemed not commercially viable in January 2020.

The proceeding Beebei-1 well drilled in 2022 found only water-bearing reservoirs.

The block’s exploration campaign is expected to close in August 2023.

Repsol operates the Kanuku block with a 37.5% stake alongside partners Tullow Oil with 37.5% shares and TOQAP with the remaining 25% shares. TOQAP is a joint venture between French energy giant TotalEnergies and Qatari NOC QatarEnergy.

US energy giant ExxonMobil has made discoveries of around 11 billion boe of recoverable reserves in the nearby Stabroek block.

In July 2023, the Guyanese government extended its deadline for its much-anticipated oil and gas bid round to September 12, 2023, with 14 blocks on offer.

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