Page 9 - LatAmOil Week 24 2021

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Georgetown established the Natural Resources remain in the Natural Resources Fund until
Fund so that oil export revenues could be used that body could be reconfigured to ensure its
to strengthen the national economy. To date, transparency.
though, it has not made any withdrawals from “As a testimony of our unwavering commit-
the fund. ment to transparency, government has vouched
Minister of Natural Resources Vickram [not to] spend any revenue ... from our petro-
Bharrat explained earlier this month that the leum resources until our Natural Resources
government did not intend to do anything Fund is recalibrated in a way that guarantees the
with its earnings from oil sales yet. Speaking at transparent management in an arm’s-length way
a virtual conference, he said the money would from political interference,” he commented. ™

Tullow and its partners have made two non-commercial finds at Orinduik (Image: Eco Atlantic)

Tullow and partners prepare to

select next drilling site at Orinduik

TULLOW Oil (UK/Ireland) and its partners in In the statement, Eco Atlantic stressed that
the Orinduik block offshore Guyana are gearing the partners had not asked for an extension of
up to choose the site where they intend to drill a their exploration permit because they expected
new exploration well next year. to be ready to drill the next well on schedule in
According to UK-based Eco (Atlantic) Oil & 2022.
Gas, a minority shareholder in the project, the Tullow, with support from technical teams
parties are “confident in the technical advance- formed by its fellow investors in Orinduik, has
ment and scheduled progression towards drill- spent the last 18 months conducting a geochem-
ing target selection in Q3-2021.” They will name ical analysis of the wells drilled at the Joe and
the drilling site after they finish reprocessing Jethro sections of the block, it said.
seismic data from the block, Eco Atlantic said It further stated that the analysis had focused
in a statement. on the accumulations of biodegraded heavy
The reprocessing programme is informed by crude oil found in the lower Tertiary levels of
the discovery of non-commercial reserves of 27 these two fields. “Mapping of thermal matura-
degree API crude oil within the Carapa section tion and further basin modelling [have] led to
of the neighbouring Kanuku block, the com- an improved understanding of this Tertiary sec-
pany added. tion’s presence in the northern quadrant of the
It explained that the programme was target- block and onto the neighbouring three Ham-
ing prospects that were on trend with both Car- merhead discoveries, [which are] also antici-
apa and Liza, a field within Stabroek, another pated to be in the same resource domain,” the
adjacent block. company said.

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