Thursday, March 23, 2023

Disappointment for Tullow as Suriname well fails to deliver commercial crude

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Tullow Oil said on Thursday the Goliathberg-Voltzberg North (GVN) exploration well, drilled in Block 47, offshore Suriname, has reached total depth and encountered good quality reservoir but only minor oil shows.

The Stena Forth rig drilled the GVN prospect to a total depth of 5,060 metres in 1,856 metres of water and the well will now be plugged and abandoned. Tullow and its partners will then assess the data gathered from the well and carefully consider next steps.

GVN lies approximately 260 kilometres off the coast of Suriname, in 1,900 metres of water and is one of a series of leads and prospects on the flank of the Demerara High.

The results from GVN is another stark reminder that exploration remains a highly risky venture, even in a basin where over 9 billion barrels of oil equivalent have been found and a total of 23 discoveries made since 2015 – 18 at Guyana’s Stabroek block, 4 at Suriname’s Block 58 and 1 at Block 52.

Tullow is the operator of Block 47 with a 50% stake. Petroandina Resources Corporation N.V. (Pluspetrol) holds 30% with Ratio Suriname Limited holding the remaining 20%.

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