Rystad Energy says Joe discovery smaller than expected

Must Read

Heavy oil at Orinduik Block becoming more attractive as Venezuela’s supply dwindles – Gil Holzman

Even though the oil discovered in the Jethro and Joe wells at the Orinduik block turned out to be...

Regulating the sale of Guyana’s crude oil lifts’ entitlement

This provision is inevitably controversial because it provides for the parties not simply to overlift crude oil that may...

Total deploys oil rig to South Africa for rare frontier drilling

(Bloomberg) –Total SA has deployed a rig to South Africa to look for more oil near a massive discovery,...
OilNOW
OilNow is an online-based Information and Resource Centre which serves to complement the work of all stakeholders in the oil and gas sector in Guyana.

Norway-based Rystad Energy says the Joe discovery on the Orinduik block offshore Guyana, announced on Monday, is tens of millions of barrels less than anticipated.

The Joe-1 exploration well was drilled to a final depth of 2175 meters and encountered a high quality oil-bearing sandstone reservoir of Upper Tertiary age.

Joe-1, unlike Jethro-1, targeted a shallower reservoir hence de-risking the potential of prospects identified towards the west of the block. It encountered 14 meters of net oil pay.

Although the discovery opened up a new play type, Rystad Energy believes that the result was not as anticipated.

“We now expect the discovery to hold around 40 million to 50 million barrels compared to a predrill resource estimate of around 150 million barrels, indicating the inferiority of the reservoir quality in terms of thickness compared to the deeper section,” says Palzor Shenga, an exploration analyst at Rystad Energy.

This creates an interesting scenario, as the deeper section has not been targeted in Joe-1.

“In case the shallower section is identified as the potential target towards the west, this could lead to a reduction of the overall prospectivity of the block, as most of the prospects identified in the block lie towards the west,” Shenga added.

Repsol will drill the Carapa-1 well on the Kanuku block later this month. Rystad Energy predicts that Carapa-1 will hold a similar potential to Jethro, as the prospect follows a similar trend to Jethro.

- Advertisement -

Latest News

Heavy oil at Orinduik Block becoming more attractive as Venezuela’s supply dwindles – Gil Holzman

Even though the oil discovered in the Jethro and Joe wells at the Orinduik block turned out to be...

Regulating the sale of Guyana’s crude oil lifts’ entitlement

This provision is inevitably controversial because it provides for the parties not simply to overlift crude oil that may have been scheduled to be...

Total deploys oil rig to South Africa for rare frontier drilling

(Bloomberg) –Total SA has deployed a rig to South Africa to look for more oil near a massive discovery, in a rare example of...

Oil can help Guyana feed the region, become leader in renewables – UK High Commissioner

British High Commissioner to Guyana, Greg Quinn, says the new oil producing country now has a real opportunity to use those revenues to strengthen...

Rystad Energy warns 2nd COVID-19 wave could see oil demand losing another 2.5 million bpd

As the number of confirmed new COVID-19 cases surges to new global highs of beyond 200,000 per day, a second wave of the pandemic...

More Articles Like This