The Ministry of Natural Resources (MNR) has welcomed the latest major oil discovery at the Wei-1 exploration well in located the Corentyne Block. Conducted by CGX Energy Incorporated and Frontera Energy Corporation, the drilling, which began on January 21, 2023, has resulted in 210 feet of oil bearing sands being unlocked.
In its statement, the Ministry was keen to note that hydrocarbon-bearing sandstone reservoirs have been found within the Maastrichtian, Campanian, and Santonian intervals. Notably, the Maastrichtian and Campanian intervals have exhibited an impressive net pay of 23.5 meters, as reported to the Ministry. However, it is the Santonian interval that is currently the focus of thorough evaluation.
It said that preliminary investigations utilizing wireline logs and core samples have indicated the presence of 64 meters of hydrocarbon-bearing sands within the Santonian interval. However, it is important to highlight that these findings are yet to be substantiated, as physical samples were not obtained during the exploration.
To determine the net pay and establish a basis for further assessment, CGX will have an independent third-party laboratory analyze the rock and fluid properties extracted from the Santonian core. This comprehensive analysis is expected to span the next two to three months, and the results will be eagerly awaited by CGX.
The Ministry also noted that the outcome of these evaluations will be instrumental in determining the commercial viability of the second discovery in the Corentyne Block. The findings from the Santonian interval analysis will play a crucial role in ascertaining the potential for commercial interest and further development and the Ministry expressed great anticipation for the results.
This recent hydrocarbon discovery represents a significant milestone in offshore Guyana’s exploration endeavors. With a total of 45 discoveries made since 2015, it serves to reaffirm the country’s hydrocarbon potential beyond the highly productive Stabroek Block. The MNR acknowledged the importance of diversifying exploration efforts and expanding hydrocarbon discoveries in different blocks, which can further boost Guyana’s position in the global energy market.
As the evaluation of the Santonian interval progresses, stakeholders and investors will eagerly await the results, which will play a crucial role in shaping future exploration activities in the Corentyne Block and offshore Guyana as a whole.
