Oil and gas company CGX, the operator of the Corentyne offshore block in Guyana, has, with its partners been given more time to drill a well in the block.
Frontera Energy Corporation, a CGX partner in the Corentyne block, said Friday that, following talks with the Guyanese government over their work program which has been affected by the pandemic, the joint venture has been given a year to drill the next well.
Frontera said: "The Joint Venture has remained committed throughout to completing its exploratory commitments in full, despite operational activities in Guyana being severely affected for much of 2020 due to the COVID-19 pandemic, delaying the Joint Venture's exploration activities. The Joint Venture has been advised that the existing November 27, 2020 deadline for drilling the next well will be extended to November 27, 2021 subject to documentation."
According to CGX's recent report on the Corentyne block, the company has recently completed a preliminary evaluation of the recently processed 3D seismic data over the block, and has identified two potentially highly prospective large channel sand reservoir complexes.
These channel complexes are interpreted to contain multiple high potential leads located in the northern region of the Corentyne Block which is located in close proximity to the Stabroek Block offshore Guyana and Block 58 offshore Suriname, where ExxonMobil and Apache have made several oil discoveries, respectively.
The Pluma and Haimara discoveries in the Stabroek Block are located approximately 2 and 8 miles, respectively from the border of the northern region of the Corentyne Block and the Maka Central, Kwakwasi-1 and Sapakara West discoveries in Block 58 are located approximately 7, 15, and 20 miles, respectively from the border of the northern region of the Corentyne Block.
Per information shared by CGX, the leads mapped in the Northern Corentyne Block are interpreted to be situated at the same geological horizons as the nearby significant discoveries already proven in the Stabroek Block and Block 58.
Also, the Northern Corentyne leads are interpreted to share the same proven hydrocarbon generating basin and intervals in which the current discoveries are located. These leads are primarily stratigraphic traps composed of sandstone accumulations and deemed to be analogous to many the discoveries already proven to be successful in the Guyana basin spanning both Guyana and Suriname.