Guyana oil discovery does little to bolster Tullow
An unwanted hat-trick of underwhelming oil finds fail to alleviate the whiff of crisis around troubled independent
Hopes of salvaging Anglo-Irish independent Tullow Oil’s turbulent 2019 and preventing further downward share price pressure in 2020 were heavily dependent on the company’s third and final Guyana offshore drill target of last year—the first well to test both the Kanuku block and the Cretaceous play. Numerous light oil discoveries already made by ExxonMobil within the Cretaceous of neighbouring block Stabroek only added to the expectancy. But while Spain’s Repsol, the operator with a 37.5pc stake, alongside partners Tullow (37.5pc) and Total (25pc), announced an oil discovery at the Carapa-1 well—the third from three wells now drilled in Guyana by Tullow—the preliminary results raised doubts a
Also in this section
9 April 2026
The April 2026 issue of Petroleum Economist is out now!
9 April 2026
Offshore operators are working through an FID backlog as the rig market consolidates, helped by improving project economics and a renewed security drive
2 April 2026
Alongside a rapid continued build-out of renewables, China’s latest five-year plan stresses the value of domestic hydrocarbon production for energy security and calls for increased Russian gas imports
2 April 2026
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
