A team of officials from Tullow Oil, led by CEO Paul McDade, met with members of the Georgetown Chamber of Commerce and Industry (GCCI) on Wednesday in Guyana’s capital, Georgetown, for wide-ranging discussions ahead of the company’s 3-well drill campaign offshore the South American country.
The almost 2-hour long discussions focused on the company’s corporate policies, with emphasis on its commitment to local content development and long-term approach should its drill campaign in Guyana be successful.
“I thought it was a very excellent informative meeting that really give us an insight into the corporate policies and what Tullow Oil is really about and what has made them into a good corporate citizen,” GCCI’s Senior Vice President, Timothy Tucker, told OilNOW.
McDade said once a discovery is made in the South American country, Tullow Oil will ensure its procurement needs are clearly laid out so that Guyanese businesses will be aware of what opportunities exist.
This, Tucker said, is a welcomed approach since it would allow local businesses to better position themselves to benefit from opportunities and provides confidence for a healthy working relationship with the oil company, going forward.
“They have given an indication that they want to be part of the Chamber and that they are willing to review the procurement of their contracts once oil is discovered to favour more local content,” Tucker, who chaired the interactive session, stated.
Tullow plans to drill two wildcat wells on the Orinduik licence from June 2019 onwards using the Stena Forth drillship. The first well will target the Jethro prospect which is a Lower Tertiary target in approximately 1,350 metres of water. The second well will be the Joe prospect, an Upper Tertiary target in water depths of approximately 650 metres. Both wells are targeting prospects of 100 to 200 million barrels of oil. The Carapa-1 well on the non-operated Kanuku block is expected to be drilled in the third quarter of 2019. The Carapa prospect is a 200 million barrel Cretaceous target located in 70 metres of water and will be drilled using a jack-up rig. Preparations for this well are ongoing.