UK-based Tullow oil will be focusing heavily on its exploration programme offshore the South American country of Guyana in 2019 with multiple prospects on its radar for drill campaigns in the second and third quarters of the year.
In its January 2019 trade update, the company said it intends to boost oil production in West Africa, target Final Investment Decisions in East Africa and drill the first wells in an exciting exploration campaign in Guyana, where US oil major ExxonMobil has so far found over 5 billion barrels of recoverable oil.
“Despite a volatile oil price, Tullow’s improved balance sheet, low cost production and strong cash flow generation, even at lower oil prices, will allow us to both invest for growth and pay a sustainable dividend,” Paul McDade, Chief Executive Officer, said.
The company said Guyana drilling will commence in mid-2019 with three wells planned to test this high potential acreage.
“Guyana will be the focus for Tullow’s exploration drilling programme in 2019 and the Group will drill the Jethro prospect in the second quarter of 2019 as the first of two planned wells on the Orinduik block. The Carapa prospect will be tested on the Kanuku licence in the third quarter of 2019,” the company stated.
Tullow has a 30% interest in the Kanuku block and a 60% interest in the Orinduik block offshore Guyana.
