Another oil strike in Guyana

Guyana’s oil reserves continue to increase as Tullow Guyana B.V struck liquid gold at the Jethro-1 exploration well.

This was announced by Director, Department of Energy, Dr. Mark Bynoe. According to the release, the exploration well which was drilled in the Orinduik Block has discovered oil in commercial quantities. The well, encountered 55m of net oil pay which supports a recoverable oil resource estimate that exceeds Tullow’s pre-drill forecast.

The Jethro-1 well was drilled by the Stena Forth drillship to a total depth of 4,400 metres in approximately 1,350 metres of water. It is the first discovery on the Orinduik Block and comprises high-quality oil-bearing sandstone reservoirs of Lower Tertiary age.

The Energy Director deemed the oil find as “a major development for the Co-operative Republic of Guyana as it adds to the further de-risking of the deep and ultra-deep zone.”

Read more at: Department of Public Information

Source: CARICOM TODAY