The state-of-the-art vessel, the Polarcus Asima which has been enlisted by Repsol to undertake seismic two dimensional (2D) and three dimensional (3D) surveys in the eastern Guyana Offshore – Kanuku Block is to generate more accurate and extensive data on Guyana’s offshore oil and gas potential.
According to Allan Kean, Manager of Exploration, Repsol, the state-of-the-art vessel will conduct refined seismic surveys over the next 90 days which will be analysed and fast tracked for presentation to the company.
The company, by the third quarter of next year will be in a position to decide on the deployment of an oil exploration rig.
Minister of Natural Resources and the Environment, Robert Persaud, along with Deputy Commissioner of the Guyana Geology and Mines Commission, Newell Dennison and Giancarlo Ariza, Guyana Country Manager, Repsol Exploracion S.A and other major players were briefed on the technical capabilities of the vessel last weekend when it was docked in the Demerara River prior to be sent to the Repsol block, which is located some 100 km offshore.
The Guyana Government and Repsol, in May of this year, signed the agreement for petroleum exploration in the Kanuku Block off the Berbice River by 2016.
In December 2011, Repsol began offshore drilling of the Jaguar-1 well in Guyana, but operations were abandoned after it encountered very high pressures at intervals above the depth targeted. Despite that, the results were said to be heartening, with the company’s Director of Exploration in Latin America, Joseba Murillas saying that “the oil recovered from Jaguar-1 was the first significant amounts ever recovered from offshore Guyana wells”.
Meanwhile, Minister Persaud during the tour welcomed the early research and scientific work by Repsol, which will take Guyana and the company closer in its quest to drilling for oil offshore Guyana.
The Natural Resources and the Environment Minister stated that a key component of the exploration activities is early action, and he also took the opportunity to urge Repsol to maintain its urgency to realise the potential of a commercial discovery of oil.