President Donald Ramotar and Minister of Natural Resources and the Environment Robert Persaud on Monday met officials of Repsol to continue discussion on further exploration and technical work within the Georgetown Block following the abandonment of its Jaguar One well in July.
The president and minister met Joseba Murillas, Director, Latin America North Exploration; Allan Kean, Manager, LAN Guyana/Suriname/Trinidad Exploration and Giancarlo Ariza, Guyana Country Manager.
According to a press release from the Government Information Agency (GINA), the Repsol officials, at the meeting held at the Office of the President, provided a brief update on their progress with results from the recently abandoned Jaguar One well.
GINA said that discussions also centred on proposals for Repsol continuing exploration efforts in the Georgetown Block.
Repsol, GINA said, is the operator for a consortium that includes Tullow Guyana B.V, YPF Guyana and CGX Guyana Inc, and collectively expended over US$200 million while exploring in offshore Guyana.
According to the press release, the company’s officials were very encouraged by the results of the Jaguar One well “despite its abandonment out of caution, giving regard to very high pressures encountered at intervals above target depth.”
It said that the consortium has signalled definite plans to remain in the basin “with a view to reassessing the portfolio of exploration in the contract area while continuing to examine the results of analysis from the Jaguar One well with a commitment to drill another exploration well targeting the same interval of interest as the Jaguar well.”
It said that Repsol has also confirmed that they will continue to maximise local content in all possible aspects of their operations and that an estimated US$17 million was spent in the recently concluded drilling project.
GINA reported that directions have been issued to the Guyana Geology and Mines Commission’s Petroleum Division to work with Repsol towards formalising arrangements to facilitate their seamless continuation in exploring the Georgetown Block.
