Less than 1m read
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
Prices delayed by at least 15 minutes.
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 email@example.com.
Free Newsroom email alerts
Register for daily/weekly email alerts with news from The Financial Times, Forbes, Reuters, The Economist and more.