22 C
Georgetown
Tuesday, April 13, 2021

Rystad Energy says Joe discovery smaller than expected

Must Read

For Guyana, retaining the resource-rich Essequibo region ‘is a life-or-death matter’ – Ivelaw Griffith

Ivelaw Lloyd Griffith, former Vice Chancellor of the University of Guyana and Senior Associate with the Center for Strategic...

Canada-Guyana Chamber says now is the time to invest in economy projected to be world’s most oil intensive by 2025

The expanding oil and gas operations in Guyana will have a significant impact on other industries in the country,...

Touchstone confirms ‘liquids rich’ natural gas discovery in Trinidad and Tobago

Canada-based oil and gas company Touchstone Exploration Inc. said on Monday the completion of flowback testing of the Cascadura...
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.

OilNOW TV

Latest News

Canada-Guyana Chamber says now is the time to invest in economy projected to be world’s most oil intensive by 2025

The expanding oil and gas operations in Guyana will have a significant impact on other industries in the country,...

For Guyana, retaining the resource-rich Essequibo region ‘is a life-or-death matter’ – Ivelaw Griffith

Ivelaw Lloyd Griffith, former Vice Chancellor of the University of Guyana and Senior Associate with the Center for Strategic and International Studies says a...

Total, CNOOC enter agreements with Uganda and Tanzania for $3.5 billion pipeline

(Reuters) -Uganda, Tanzania and oil firms Total and CNOOC on Sunday signed agreements that will kickstart the construction of a $3.5 billion crude pipeline...

Touchstone confirms ‘liquids rich’ natural gas discovery in Trinidad and Tobago

Canada-based oil and gas company Touchstone Exploration Inc. said on Monday the completion of flowback testing of the Cascadura Deep-1 well in Trinidad and...

Exxon’s Greater Guyana Initiative brings Zoom Rooms project to University of Guyana

The University of Guyana (UG) on Saturday launched its Zoom Rooms project which it says lays down the first building blocks for its blended-learning...

More Articles Like This