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Guyana engages in talks to continue oil exploration
Published on September 20, 2012 Email To Friend    Print Version

GEORGETOWN, Guyana (GINA) -- Guyana's President Donald Ramotar and Minister of Natural Resources and the Environment Robert Persaud on Monday met with the principals of Repsol at the Office of the President to continue discussion on further exploration and technical work within the Georgetown Block.

The Repsol officials provided a brief update on their progress with results from the recently abandoned Jaguar One well.

Discussions also centered on proposals for Repsol continuing exploration efforts in the Georgetown Block.

Repsol 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.

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.

Further, 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.

Additionally, Repsol has also confirmed that they will continue to maximise local content in all possible aspects of their operations. In the recently concluded drilling project, an estimated US$17 million was spent in this regard.

Meanwhile, 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. The current tenure for this section should expire in late November 2012.
 
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