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Alex Graham, center, CEO of Tagman Media Inc, listens while a group talks at the Guyana booth during the annual Offshore Technology Conference inside NRG Arena, Tuesday, May 7, 2019. Guyana has a presence at the conference for the first time this year.
lessPhoto: Mark Mulligan, Houston Chronicle / Staff PhotographerAlex Graham, center, CEO of Tagman Media Inc, listens while a group talks at the Guyana booth during the annual Offshore Technology Conference inside NRG Arena, Tuesday, May 7, 2019. Guyana has a presence at
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Alex Graham, center, CEO of Tagman Media Inc, listens while a group talks at the Guyana booth during the annual Offshore Technology Conference inside NRG Arena, Tuesday, May 7, 2019. Guyana has a presence at the conference for the first time this year.
lessAlex Graham, center, CEO of Tagman Media Inc, listens while a group talks at the Guyana booth during the annual Offshore Technology Conference inside NRG Arena, Tuesday, May 7, 2019. Guyana has a presence at
... moreExxon Mobil has led more than a dozen major oil discoveries offshore of the small South American nation of Guyana in recent years, but now other players are getting in on the act.
The United Kingdom-based Tullow Oil announced a potentially large discovery offshore of Guyana on Monday at the Jethro-1 oil prospect, demonstrating that Guyana's newfound oil sector likely has a future beyond the Exxon development.
"After dominating the list of major offshore discoveries in 2018, Guyana has extended its winning streak. With multiple prospects identified, Tullow and its partners could easily be sitting on a multi-billion barrel block," said Palzor Shenga, an exploration energy analyst with the research firm Rystad Energy.
Guyana sits next to oil-rich nations Venezuela and Brazil. As Venezuela has descended into economic and political turmoil, Exxon and others have turned to Guyana for new exploration.
Exxon Mobil and its New York partner Hess Corp. already have made 13 major oil discoveries off the coast of Guyana in the last four years, pumping billions of dollars into new projects with initial oil production coming online in early 2020. Outside of West Texas' Permian Basin, Exxon is investing more in Guyana than anywhere else in the world.
RELATED: Guyana comes to Houston, seeking partners to develop newfound oil wealth
Exxon and Hess have announced at least 6 billion barrels of recoverable resources offshore of Guyana with first production coming online either late this year or in early 2020.
A rural, rain-forested nation with a population of more than 700,000 — versus 7 million just in metro Houston — the political and business leaders have suddenly had to learn about the oil industry after never having had much petroleum business at all.
Tallow's Jethro-1 exploration well, which targeted prospective oil resources of 250 million barrels, is the first discovery in the new exploration block.
"This discovery holds not only a significant impact for the prospects identified within the block but also for future Guyanese exploration, and cements the extension of a petroleum system beyond the game-changing (Exxon Mobil) Stabroek block," Shenga added.
Another Tullow well in the area – Joe-1 – is planned for later this month. Tullow has historically focused on exploration and production offshore of Africa and has extended its plans to Guyana.
Other companies like Spain's Repsol and Canada's CGX Energy have exploration wells in the works.
As for the Tullow development, Tullow owns 60 percent of the project with the French energy major Total holding a 25 percent stake and the Guyana government owning the remaining 15 percent share.
https://www.mysanantonio.com/business/energy/article/New-Guyana-discovery-shows-success-apart-from-14297594.php
2019-08-12 12:45:00Z
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