Wednesday, November 30, 2022

Tullow gunning for oil this month at Suriname’s Araku prospect

Must Read

OilNOW
OilNOW is an online-based Information and Resource Centre

Tullow oil is hoping to strike it big offshore Suriname at the Araku oil prospect on Block 54, set to begin early this month.

The UK-based oil and gas exploration company is targeting a Jubilee look-alike play in the continental shelf directly up-dip of the Liza oil-discovery, in shallow waters.

The Araku prospect is a large structural trap which has a resource potential estimated at over 500 mmbo. It has been significantly de-risked by a 3D seismic survey carried out in 2015 which identified geophysical characteristics that are consistent with potential oil or gas effects in the target reservoirs.

“Oil seeps further up-dip of Araku support the presence of active oil migration and sharp AVO responses provide certainty of the reservoir extent on the Maastrichtian-aged primary target which is estimated by TLW to be ~5x the size of Jubilee; two further stacked targets could provide additional upside,” said Ron Huff, Founder and Managing Director at Energy Development Advisors, in a recent comment.

Huff said given that the AVO response cannot distinguish hydrocarbon phase, the accumulation could be gassy (4-5Tcf according to TLW). “We estimate ~30% chance of success. Based on a 500mmbbl oil pool, ~$40mm gross well cost and at $56/bbl Brent long-term, we carry Araku at £0.21/sh un-risked to Tullow,” he stated on his LinkedIn page.

The Noble Bob Douglas drillship has been contracted for the Araku campaign.

spot_img

Latest News

Canada could be next country to waive visa requirements for new oil producer Guyana

Partnerships between Guyanese businesses and their Canadian counterparts are on the increase. So, discussions have commenced for these trade relations to deepen...

More Articles Like This

spot_img