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
14 April 2026
The GECF has warned it may revise its projections for demand this year downwards in light of conflict in the Middle East, although it maintains its forecasts for 2027 and onwards
13 April 2026
Petroleum Economist analysis highlights sharp shift from crude oversupply to market deficit, with Iraq and Kuwait badly affected and key producers Saudi Arabia and the UAE also seeing output sharply lower
13 April 2026
Turkmenistan is moving ahead with a modest expansion of the giant Galkynysh field to sustain gas deliveries abroad, but persistent delays to other key pipeline projects and geopolitical risks continue to constrain its export ambitions
13 April 2026
Expensive electricity has forced out swathes of energy-intensive industry and now threatens the country’s ability to attract future investment in datacentres and the digital economy
