Page 10 - LatAmOil Week 44 2021

LatAmOil GUYANA LatAmOil

No commercial hydrocarbons found

in Sapote-1 well at Canje block

ESSO Exploration & Production Guyana Ltd first quarter of 2022 and would wrap up the pro-
(EEPGL), a subsidiary of ExxonMobil (US), gramme in the first quarter of 2025.
has reportedly completed its third exploration The ExxonMobil subsidiary has been car-
well at the Canje block offshore Guyana without rying out a three-well drilling programme at
discovering commercial hydrocarbon reserves. Canje. It finished two of the wells, Bulletwood-1
According to JHI Associates, a non-operat- and Jabillo-1, earlier this year and then spudded
ing partner in the Canje project, the Sapote-1 the third, Sapote-1, in late August. Bulletwood-1
well was drilled in 2,549-metre-deep water and turned out to contain oil, but not in quantities
sunk to a total depth of 6,758 metres. The Cana- large enough to justify stand-alone develop-
dian company noted last week that Sapote-1 ment, while Jabillo-1 was a dry hole.
did not encounter any crude oil or natural gas Equity in the Canje project is split between
within its primary exploration target but did EEPGL, with 35%; TotalEnergies (France), with
encounter some hydrocarbon shows while 35%; JHI, with 17.5%; and Mid-Atlantic Oil &
carrying out drilling and logging activities in a Gas (Guyana), with 12.5%. JHI used to have a
deeper section of the well. larger stake in the block, but it reduced its equity
JHI described these shows as non-commer- holdings via a farm-out deal with TotalEner-
cial but also pointed out that this was the first gies in 2018. Canada’s Eco (Atlantic) Oil & Gas
time hydrocarbons had been found within recently gained an indirect stake in the project
Canje’s deeper layers. This offers reason for opti- via its acquisition of a 6.4% stake in JHI. ™
mism, as it may indicate that the block has more
exploration potential, the company said.
It went on to say that EEPGL had collected
significant amounts of data from the Sapote-1
well by running wireline logs (WL), taking
logging-while-drilling (LWD) measurements
and collecting multiple rotary sidewall cores
(RSWC). The ExxonMobil subsidiary intends to
analyse these data in order to expand its under-
standing of properties of the reservoir, including
permeability and porosity, and of the hydrocar-
bons present in core samples, it explained. The
company will then incorporate the data and
the results of its analyses in its future planning
process.
EEPGL has said that it hopes to launch a
12-well drilling programme at Canje next year.
It outlined its plans in a project summary deliv-
ered to Guyana’s Environmental Protection
Agency (EPA) in September, saying it intended
to spud the first of the new wells at Canje in the Sapote-1 encountered non-commercial oil shows (Image: Westmount Energy)

BRAZIL
Petrobras profits exceed expectations

BRAZIL’S national oil company (NOC) Petro- British-American data firm Refinitiv. However,
bras posted a profit of BRL31.14bn ($5.56bn) for it raked in more than 50% more than antici-
the third quarter, outperforming expectations. pated. Refinitiv attributed this success partly to
The state-run firm had been forecast to its divestment programme, but Petrobras said
announce a profit of around BRL20bn ($3.57bn) in a statement that its financial results had been
for the July-September period, according to the driven by “good operational performance.”

P10 www. NEWSBASE .com Week 44 04•November•2021