OIL COMPANIES STEP UP EXPLORATION DRILLING PLANS OFFSHORE SURINAME

OIL COMPANIES STEP UP EXPLORATION DRILLING PLANS OFFSHORE SURINAME

The Guyana-Suriname Basin has an estimated resource potential of more than 13 billion barrels of oil, according to the U.S. Geological Survey. (Source: Shutterstock.com/Hart Energy)

Oil and gas companies hoping to create their own exploration success stories, following Exxon Mobil Corp. and partners’ impressive string of discoveries offshore Guyana, are progressing drilling plans offshore neighboring Suriname.

Working with partners Chevron Corp. and Hess Corp., Kosmos Energy Ltd. on Aug. 6 said it plans to begin drilling operations for the Pontoenoe-1 well offshore Suriname in mid-August. Drilling is expected to last about 60 days.

“Pontoenoe is the first of up to three independent prospects in Block 42 and is a similar play type to the Turbot and Longtail discoveries located approximately 70 km to the west in Guyana,” Kosmos Energy CEO Andy Inglis said on a call with analysts.

Both Turbot and Longtail were discovered by Exxon Mobil southeast of the Liza Field. Combined, the fields—located in the Stabroek Block offshore Guyana—have estimated recoverable resources of more than 500 million barrels of oil equivalent.

The Guyana-Suriname Basin has an estimated resource potential of more than 13 billion barrels of oil, according to the U.S. Geological Survey, and is considered one of the world’s top unexplored basins. The mainly offshore basin partially lies onshore, where state-run Staatsolie’s E&P efforts have been concentrated. But Exxon Mobil’s eight discoveries in Guyanese waters have piqued the interest of many oil players eager to get in on the action.

The Pontoenoe prospect is located in Block 42 offshore Suriname, which is believed to be an extension of the petroleum system offshore Guyana. Pontoenoe is a late Cretaceous Liza-type stratigraphic play, Kosmos said. When combined with two other prospects on the block—Aurora and Apetina—the three are prospective for more than 500 MMbbl of resources.

The company has said it plans to test “multibillion barrel prospectivity” spanning five independent Cretaceous plays. Exploration drilling is expected to continue from 2019 to 2021 in the area.

Source|Oil