The Ministry of Natural Resources has congratulated Total, Tullow and Repsol for taking the initiative to collaborate in order to heighten petroleum exploration off-shore Guyana.
The Government of the Cooperative Republic of Guyana was informed that French oil company Total has signed agreements to acquire interests into two exploration licenses offshore Guyana, the Canje, Kanuku and Orinduik Blocks. These are subject to the approval of the Guyana Government.
In a statement issued by the company, President, Exploration & Production of Total, Arnaud Breuillac is quoted as saying, “The Canje, Kanuku and Orinduik blocks are located in a very favourable petroleum context, evidenced by the Liza discovery in 2015.”
Should the government give its approval, Total will own a 25% working interest in the Kanuku Block under the terms of the agreement signed with operator Repsol (37.5%), and will be a partner alongside Tullow.
Meanwhile, Tullow stands to increase its equity share in the Kanuku license, offshore Guyana, from 30% to 37.5% in a farm-in deal with Repsol. This deal is subject to approval from the Government of Guyana. Following acquisition of new 3D seismic on the license in 2017, the joint venture partnership is interpreting the data to firm up prospects for possible drilling in 2019.
While the Government of the Cooperative Republic of Guyana welcomes investment, it is reminding investors that there are credible and clear rules for them to follow.