CARACAS, Spain - Spanish international oil company Repsol YPF says it plans to soon drill its first offshore well in Guyana, where it has concessions in an oil-and-gas-rich basin, Business Week reported.
Repsol, will be partnering with CGX Energy Inc and Tullow Inc and began to drill for oil during the second quarter of 2011, according to reporter Johann Earle from the Guyana Chronicle.
Manager Giancario Ariza said Saturday that Repsol has already brought heavy-duty equipment into Guyana to drill by late August in an area offshore from the capital of Georgetown, according to Business Week.
Repsol is targeting an area that experts estimate could contain up to 15 billion barrels of oil and 42 trillion cubic feet (1.2 trillion cubic meters) of gas reserves.
The drill site is located 130 kilometres northeast of the nearest shoreline near Port Mourant, and 160 kilometres east/northeast of Georgetown. Water depth at this location is approximately 230 feet and the well is proposed to reach a total depth of 21,450 feet – or four miles – below the seabed. Drilling is to commence in April 2011, Guyana Cronicle reported.
The well will be the deepest ever drilled in the region and drilling operations will be carried out by Atwood Beacon, a jack-up rig capable of drilling beyond 25,000 feet in depth. The company noted that the Atwood Beacon rig has already arrived in the region and it will be towed to Guyana to start drilling, according to Repsol.