Guyana discovery not as anticipated

September 17, 2019

A second oil discovery in the Orinduik Block was announced earlier this week. 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.

Guyana Joe-1 Map 2019 Rystad Energy exploration block

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Contacts

Palzor Shenga
Senior Analyst, Upstream
Phone: +47 486 88 630
palzor.shenga@rystadenergy.com

 

Morten Bertelsen
Media Relations
Phone: +47 951 98 742
morten.bertelsen@rystadenergy.com

 

About Rystad Energy

Rystad Energy is an independent energy research and business intelligence company providing data, tools, analytics and consultancy services to the global energy industry. Our products and services cover energy fundamentals and the global and regional upstream, oilfield services and renewable energy industries, tailored to analysts, managers and executives alike. Rystad Energy’s headquarters are located in Oslo, Norway with offices in London, New York, Houston, Stavanger, Moscow, Rio de Janeiro, Singapore, Bangalore, Tokyo, Sydney and Dubai.