The prospects for stepping up the oil search aggression in the Guyana / Suriname basin now appear to be in a bid to further enhance the world-class oil discoveries made in that region in recent years takes root after London-based oil company Tullow Oil announced this week that it will follow what the February 1 Caribbean Business Report describes as a “year of relative inactivity” with the resumption of drilling activity in the basin in the region this year “in an area where it has already recorded one” high quality offshore crude Guyana “with the start of the” Goliathberg-Voltzberg North exploration drill (GVN-1) at Block 47 in Suriname. “
The report states that “work is also ongoing on developing the list of hopes on the Orinduik and Kanuku, offshore company Guyana licenses.”
“Tullow has a busy year ahead as we begin to implement the business plan” company CEO Rahul Dhir is quoted in the news report although he adds that the company’s modus operandi for project implementation will going forward “with a view to reducing its cost and debt while generating positive cash flow and building a strong balance. ”
Since this announcement, the online oil and gas publication, Rigzone, announced that since January 26, Tullow had “started rubbing GVN 1” on January 26, using a Stena Forth exercise. ”Just over a year ago, Tullow revealed that he had discovered a heavy crude at Guyana’s offshore Carapa Oil Fountain, although, shortly afterwards, he said he would abandon its drilling operations in the area and would ‘ n reviewing the results of audits conducted instead. under separate exploration licenses in Kanuku and Orinduik, in Guyana.
The unveiling of Tullow’s new drilling presence in the Guyana / Suriname basin is likely to increase the global oil industry’s focus on the potential of neighboring South American republics to become serious players in the global oil and gas industry. Such forecasts have already prompted initiatives by both countries to explore the possibility of a measure of cooperative work to achieve their joint goal of maximizing the potential returns from their oil and gas profitable.
Although territorial disputes arising from the demarcation of Guyana’s maritime border with Suriname have created tensions, the relationship between the two has remained largely warm over the years although that condition of prolonged curiosity has been punctuated by hostile hostility n driven by aggression. Exchange visits by presidents of both countries in recent months have led to the signing of agreements some of which consider the prospects for cooperation between the two countries as they both consider the prospects of improvement driven by oil in their respective economies.
In its capacity as Goliathberg-Voltzberg North (GVN-1) well operator, Tullow Oil has 50 percent rights to the block while its Israeli-based partners Pluspetrol and Ratio Petroleum have 30 percent interests and 20 percent, respectively. According to an estimate by Netherland, Sewell & Associates, Inc., GVN-1 holds an estimated 235 million barrels of oil with a 34 percent geological chance of success, a Caribbean Report story says.