Israeli-based Ratio Guyana Limited will soon announce commencement of 3D seismic work with its joint venture partner Esso Exploration and Production Guyana Limited (EEPGL), a subsidiary of US oil exploration giant ExxonMobil, in the Kaieteur Block, offshore Guyana.
OilNOW understands that the announcement, to be made under the requirement of Israeli Stock Market rules, can come as early as May 8, 2017.
The seismic survey is expected to last approximately four months and will cover an area of 5,700 square kilometres. Processing of the data will be executed during and after the 3D seismic survey and it is expected that the processed data-sets will be interpreted and assessed.
Ratio Guyana Limited has a 25 percent stake in the Kaieteur Block. Ratio Energy Limited has another 25 percent of the Kaieteur Block while EEPGL has a stake of 50 percent.
EEPGL together with joint venture partners Hess and Nexen, has already drilled a number of wells in the Stabroek Block – the latest being the Snoek well which yielded positive results. Drilling now moves on to the Liza 4 well in the Stabroek Block.
EEPGL and its partners expect to commence petroleum production within the Stabroek Block in 2020.