Canadian firms announce oil discovery in Guyana
CGX Energy Inc. and Frontera Energy, both Canadian oil exploration companies, announced the discovery of oil at the Wei-1 well in the Corentyne block off the coast of Guyana on Wednesday.
They claim that the latest discovery is about 200 kilometers off the coast of Georgetown, Guyana.
“The Joint Venture has successfully completed drilling operations without any safety incidents and expects to release the drilling rig in early July 2023,” the two businesses said in a joint statement.
They stated that the Wei-1 well encountered 210 feet of hydrocarbon-bearing sands in the Santonian horizon and that they got wireline logs and significant core samples from the Santonian; but, oil samples were not recovered due to a tool failure downhole and a new tool not being available.
“The Santonian’s rock and fluid properties will now be analysed by an independent third-party laboratory over the next 2 to 3 months to define net pay and a basis for the evaluation of this interval,” according to the announcement.
The two companies announced that they have increased their previously announced discovery in the Maastrichtian and Campanian intervals to 77 feet of net pay and that fluid samples from the Campanian and Maastrichtian have been retrieved, indicating the presence of light crude in the Campanian and sweet medium crude oil in the Maastrichtian.
According to them, the data collecting program included wireline logging, MDT fluid samples, and sidewall cores at various intervals. The results will be merged into the geology and geophysical models over the next few months to generate an updated perspective of the entire northern portion of the Corentyne block.
The Guyana Ministry of Natural Resources stated in a statement that the results of these evaluations will allow CGX Energy Inc. to determine whether the second discovery in the block has economic potential.
“We eagerly await the results of this analysis,” it said, adding that the recent discovery is a significant milestone in Guyana’s offshore exploration efforts, with 45 discoveries since 2015, reaffirming the country’s hydrocarbon potential outside of the highly productive Stabroek Block.
The northern Corentyne block contains the channel complexes discovered by the Kawa-1 and Wei-1 wells, as well as a possible central channel complex that has yet to be analyzed.
The Canadian firms are pleased by the confirmed existence of oil in the Maastrichtian and Campanian, as well as the discovery of hydrocarbons in the Santonian, and believe the block has tremendous potential.
Frontera Energy Corporation is involved in the exploration, development, production, transportation, storage, and sale of oil and natural gas in South America, as well as related investments in both upstream and midstream facilities. CGX is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana Suriname Basin and the development of a deep-water port in Berbice, Guyana.
