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Tullow makes major oil discovery in Guyana
Published by
Reuters

Less than 1m read

12 August 8.25am

Hargreaves Lansdown is not responsible for this article's content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest. Article originally published by Reuters.

Tullow Oil announced on Monday a major oil discovery in the Orinduik block in Guyana, raising expectations it will move to develop a field in the oil-rich South American country.

The discovery in the closely watched Jethro-1 well follows a number of exploration successes by Exxon Mobil in the neighbouring Stabroek block in recent years.

Tullow Chief Executive Paul McDade said the well is expected to hold over 100 million barrels of oil, in excess of expectations. The company will start drilling a second well, Joe-1, later this month.

"It looks like we have something we would develop. It looks like we have a long-term business in Guyana," McDade told Reuters in an interview.

Tullow Oil plc

Sell: 201.90 | Buy: 202.10 positive 4.30 (2.17%)
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Tullow operates the Orinduik block with a 60% stake, while Total and Eco Atlantic each holds a 15% stake and Qatar Petroleum the remaining 10%.


Copyright (2019) Thomson Reuters.This article was from Reuters and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to legal@newscred.com.

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Article originally published by Reuters. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

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