trending Market Intelligence /marketintelligence/en/news-insights/trending/Jq7Y0axjU_01h2kS4KZnaA2 content esgSubNav
In This List

Tullow Oil announces oil discovery in Orinduik block offshore Guyana

Blog

Understanding Loss Given Default A Review of Three Approaches

Blog

Insight Weekly: US recession outlook; mortgage activity slowdown; climate disclosure push

Blog

Firms Realize the Value of Data Driven Decision Making

Blog

Insight Weekly: Cybersecurity M&A momentum; US banks' loan growth; miners' labor supply woes


Tullow Oil announces oil discovery in Orinduik block offshore Guyana

Tullow Oil PLC said subsidiary Tullow Guyana BV made a significant oil discovery through an exploration well in the Orinduik license offshore Guyana, according to an Aug. 12 news release.

The Jethro-1 well, drilled by the Stena Forth drillship, reached a total depth of 4,400 meters in water depths of 1,350 meters and encountered 55 meters of net oil pay. The company said the discovery supports a recoverable oil resource estimate that exceeds its pre-drill forecast and confirms that the prolific petroleum system in the neighboring Stabroek block, operated by Exxon Mobil Corp., extends onto the Orinduik block.

In a separate Aug. 12 release, Africa Oil Corp. said Stena Forth will move on to drill the Joe-1 well and is expected to spud in mid-August.

Tullow Guyana operates the Orinduik block license with a 60% interest. Total SA unit Total EP Guyana BV and Eco (Atlantic) Oil & Gas Ltd. own the remaining 25% and 15% stakes, respectively. Africa Oil holds an 18.8% stake in Eco (Atlantic) Oil & Gas.