Regional News

London-based oil and gas exploration company, Tullow Oil has signalled its continued interest in Guyana’s offshore even amid a decision not to continue the pursuit under the joint venture Georgetown licence.

South America Business and Exploration Manager John McKenna on Tuesday apprised President Donald Ramotar of the company’s new intentions during talks attended by Natural Resources and the Environment Minister Robert Persaud and British High Commissioner to Guyana Andrew Ayre.

Tullow Oil’s endeavours in Guyana have the backing of the British government, Commissioner Ayre said in an invited comment to the Government Information Agency (GINA). Tullow Oil had occupied 30 per cent shares in the licence along with Repsol, which owned 15 per cent, YPF 30 per cent and CGX Inc 25 per cent, and commenced drilling of the Jaguar Well in February last year.

Simultaneously, drilling at the Eagle One well was being pursued independently by Canadian-based oil exploration company CGX, which announced in May last year that it had come up empty at its Corentyne offshore location.

The disappointing news from CGX was regarded by McKenna as evidence of the high “risk business” oil explorers sometimes encounter, but also an important guideline to solving “other pieces of the puzzle”. Only recently, CGX announced that it will be taking another shot in the Guyana basin, investing through a joint venture with Pacific Rubiales.