Tullow Oil looking for new exploration opportunities in Guyana

London-based oil and gas exploration company Tullow Oil has signalled its continued interest in Guyana’s offshore even in the midst of a decision not to continue the pursuit under the joint venture Georgetown licence.

Business and Exploration Manager in South America John McKenna today apprised President Donald Ramotar of the company’s new intentions during talks attended by Minister of Natural Resources and the Environment Robert Persaud and British High Commissioner to Guyana Andrew Ayre.

Tullow Oil’s Business and Exploration Manager in South America John McKenna meeting with President Donald Ramotar. Also in photo is British High Commissioner to Guyana Andrew Ayre who makes a point (right)

Tullow Oil’s endeavours in Guyana have the backing of the British Government, Commissioner Ayre said in an invited comment to the Government Information Agency (GINA).

Tullow Oil had occupied 30 percent shares in the licence along with Repsol which owned 15 percent, YPF 30 and CGX Inc 25 and commenced drilling of the Jaguar Well in February last year.

Simultaneously drilling at the Eagle One well was being pursued independently by Canadian based oil exploration company CGX which announced in May last year that it had come up empty at its Corentyne offshore location.

The disappointing news from CGX was regarded by McKenna as evidence of the high “risk business” oil explorers sometimes encounter, but also an important guideline to solving ‘other pieces of the puzzle’.

Only recently CGX announced that it will be taking another shot in the Guyana basin, investing through a joint venture with Pacific Rubiales.