Oil exploration within the Repsol-operated Kanuku Block, offshore Guyana, is set to continue with the spudding of the Beebei-Potaro well in May.
In a statement released last Wednesday, offshore drilling contractor Noble Corporation disclosed that it was awarded a one-well contract by Repsol to commence the drilling of the Beebei-Potaro well in May, 2022.
The spudding of the Beebei-Potaro well will follow that of the Carapa-1 well, which was drilled in a water depth of 80 metres. Four metres of net oil pay containing good quality low sulphur oil, but in poorly developed reservoirs of Cretaceous age was discovered.
While Repsol is yet to provide a statement on its oil exploration plans, its joint venture partner UK-based Tullow Oil says that drilling target for the Beebei-Potaro well is Cretaceous light oil play of the Guyana-Suriname Basin.
Repsol operates the Kanuku block with a 37.5% working interest. The block is located 150 kilometers offshore Guyana in 70-100 meters of water.
Meanwhile, Noble also announced the a conditional award under the Commercial Enabling Agreement with ExxonMobil, which includes approximately 7.4 years of additional contract term and reallocates all existing terms evenly across the four rigs in Guyana.
Noble said that the additional contract term is subject to government approvals and final project sanction for the Yellowtail development project. However, once finalized, the conditional award will extend the contracted term into the fourth quarter of 2025.
“We remain focused on safely serving the needs of our customers and maximizing value for our shareholders. 2022 will be another defining year for Noble as we prepare for the closing of our combination with Maersk Drilling and the integration of our two historic companies,” Robert W. Eifle, President and Chief Executive Officer of Noble Corporation, was quoted as saying.
