Africa Oil recently announced its oil discovery on the Orinduik Block situated offshore Guyana in the Suriname Guyana basin. Africa Oil is a Canadian oil and gas company with assets in Kenya and Ethiopia.
The Jethro-1 well is a testament to Africa Oil’s exploration portfolio strategy, Keith Hill, President and CEO of Africa Oil said. The Stena Forth drillship explored the Jethro-1 field to a depth of 4,400 metres, which is roughly 1,350 metres of water.
The drilling encountered 55 metres of net top quality oil in Lower Tertiary sandstone reservoirs.
According to media reports, Jethro-1 is the first discovery on the Orinduik licence. Keith Hill, President and CEO of Africa Oil, said, “For a limited financial commitment, we have been able to gain significant exposure to some of the hottest exploration areas in the world. First with the Brulpadda-1AX well on Block 11B/12B offshore South Africa and now this major oil discovery announced today at Jethro-1 on the Orinduik Block, offshore Guyana. “
Guyana is now recognised as the world’s new petrostate. Even Tullow Oil is expected to run a second exploration work in Guyana in the same area as the Jethro well. Guyana has become an exciting prospect for oil exploration, especially with US giant ExxonMobil’s total of 13 discoveries since 2013.
Tullow Oil’s assets are mostly based in west Africa which saw 88,700 barrels per day produced in the first half of the year.
Partners on the Orinduik Block are Tullow Guyana, Total EP Guyana and Eco. Africa Oil has nearly 18.8 percent equity interest in Eco.