Tullow back to square one in Suriname
Latin American exploration campaign stutters as producer continues search for major offshore oil find
Investor confidence in Anglo-Irish independent Tullow Oil may have rebounded following the successful divestment of crucial African assets last year. But the company’s streak of bad luck again resurfaced with the announcement that its long-mooted Suriname exploration wildcat was a let-down. The operator revealed that the Goliathberg-Voltzberg North well, drilled in block 47, encountered a good quality reservoir but returned only minor oil shows with non-commercial volumes. Tullow will plug and abandon the well before examining the data and considering possible future exploration. “With around 16 exploration wells planned, including some in riskier frontier regions, 2021 holds a lot of
Also in this section
24 April 2024
But even planned exploration activity is unlikely to reverse declining output from mature fields
23 April 2024
Cheaper Russian barrels and lower overall crude prices have helped cut key oil consumer’s import bills in election year
22 April 2024
Pursuing three different goals as part of the same package may mean achieving none of them
22 April 2024
Beijing’s renewed targeting of NOC management could threaten investment