March 29, 2019 / 9:16 AM / in a month

Tullow, Total, Eco choose 2nd well spot for Guyana offshore field

LONDON, March 29 (Reuters) -

* Partners Tullow Oil, Total and Eco Atlantic have chosen the “Joe” prospect for a second well in their much-watched Orinduik oil and gas field off Guyana’s coast, Eco said on Friday.

* Eco earlier this month increased the estimate for the field to about 3.9 billion barrels of oil equivalent, a third more than announced in an estimate released in September.

* The well will be drilled with the Stena Forth Drill Ship in mid-July moving on from the Jethro Lobe well in the same field.

* “Joe is a 150 million boe (P50 – best estimate) Upper Tertiary target which has a 43.2 percent chance of success... Net cost to Eco for its 15 percent working interest in the Joe Well is expected to be approximately $3 million,” Eco said.

* The Orinduik Block is located next to an Exxon Mobil field, which has an estimated 4 billion barrels of oil equivalent. The Exxon discovery put Guyana on the world map of oil resources.

* Tullow, the operator of the Orinduik Block has a 60 percent stake, Total has 25 percent and Eco Atlantic Oil and Gas has 15 percent. (Reporting By Shadia Nasralla; editing by Emelia Sithole-Matarise)

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