Published On: Wed, Mar 13th, 2013

British company looking for new oil exploration opportunities in Guyana

Tullow OilGEORGETOWN, Guyana (GINA) -- London-based oil and gas exploration company Tullow Oil has signalled its continued interest in Guyana’s offshore oil even in the midst of a decision not to continue the pursuit under the joint venture Georgetown licence.

Business and exploration manager for South America John McKenna on Tuesday apprised President Donald Ramotar of the company’s new intentions during talks attended by Minister of Natural Resources and the Environment Robert Persaud and British High Commissioner to Guyana, Andrew Ayre.

Tullow Oil’s endeavours in Guyana have the backing of the British government, Ayre said.

Tullow Oil had a 30 percent share in the licence along with Repsol, which owned 15 percent, YPF 30 percent and CGX Inc 25 percent, and commenced drilling of the Jaguar Well in February last year.

Simultaneously drilling at the Eagle One well was being pursued independently by Canadian-based oil exploration company CGX, which announced in May last year that it had come up empty at its Corentyne offshore location.

The disappointing news from CGX was regarded by McKenna as evidence of the “high-risk business” oil explorers sometimes encounter, but also an important guideline to solving “other pieces of the puzzle”.

Only recently CGX announced that it will be taking another shot in the Guyana basin, investing through a joint venture with Pacific Rubiales.

Source: Caribbean News Now

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