Tullow
Prospect has Liza potential at lower cost
September 19, 2016 |
Eco Atlantic
Orinduik license updip of Liza boosts exposure
July 5, 2016 |
Noble
Araku prospect has 500 MMbbl potential
June 27, 2016 |
Kosmos
Hess farms into Kosmos/Chevron block
September 7, 2016 |
One of the first movers in the Guyana-Suriname Basin. Tullow Oil says the Liza discovery significantly de-risked its acreage. The Kanuku licenses, which Repsol operates with 40% WI and Tullow owns 30% WI and RWE 30% WI, is updip of Liza-1. Tullow says the Kaieteur prospect on the Kanuku license is in the same stratigraphic interval as Liza, which makes a compelling argument that it is charged by the same system. Another advantage of Kaieteur is that it is in shallow water (100 m), which dramatically lowers well costs to about $50 million. The Repsol/Tullow partnership is shooting 3D seismic in 2017 in preparation for drilling in 2018. |
The Liza discovery motivated Tullow to obtain another Guyana license, Orinduik, in January 2016 (See PLS’ Global M&A Database), where it holds a 60% operated interest with partner Eco Atlantic. Orinduik is also updip of Liza-1 and Liza-2, northwest of ExxonMobil’s acreage. With the Kanuku block to the southwest, Tullow surrounds Liza like a baseball mitt. Orinduik is also in shallow water, giving it the same drilling-cost advantage as the Repsol-operated block. Although the contract with the Guyana government gives the Orinduik partners four years to complete 3D seismic, the partners have agreed to significantly advance the program in light of ExxonMobil’s continuing drilling success. |
The Liza discovery also enhanced the prospectivity of significant acreage across the Guyana-Suriname Basin, including large blocks offshore Suriname. The most prospective may be Block 54, where Noble Energy farmed in for 20% of operator Tullow Oil’s stake in November 2015 (Statoil holds the remaining 50% interest in the block). The partners have completed a 3D survey and are fast-tracking data analysis for 2018 drilling. The first well will be on the Araku prospect, with a 500 MMbo potential supported by four-way closure and good seismic amplitude. Again, the well cost estimate is an attractive $47 million. The partners have also identified multiple additional prospects for drilling beyond 2018. |
Operator Kosmos Energy and its partner, oil major Chevron, are preparing for late 2017/early 2018 drilling on Block 42 and Block 45 offshore Suriname. The multi-billion-barrel potential of the Aurora prospect on Block 42 attracted the interest of Liza partner Hess, which farmed in for a 16.7% interest in 2016 (Kosmos retains 33.3% interest, Chevron 50%). Kosmos completed 3D seismic exploration on the block in 2016. Also slated for early exploration is the Anapai prospect on Block 45. Nearby exploration wells are also planned by the Apache/CEPSA and Petronas/RWE partnerships. |
