Spanish oil drilling company Repsol has requested an extension to continue working on gathering of seismic data on the Kanaku Block, where it is currently carrying out its exploratory activities
Officials from the company who met with President David Granger and Minister of Natural Resources Raphael Trotman on Wednesday said the company needs to drill a well but has faced stumbling blocks.
Repsol’s Latin America Exploration Director Mikel Erquiaga said another setback stemmed from a legal battle with CGX Energy Incorporated in 2012 over exploration activities in the Georgetown Block. This matter was resolved 2014.
“We want a short extension in order to continue working in the Block and eventually drill a well,” he said.
REPSOL, one of the first oil companies to discover oil in Guyana, started drilling in 2012 at the Jaguar-1 well and discovered the presence of hydrocarbons.
Though the exploration did not produce oil in economic quantities, the company was able to gather significant seismic data that will be useful for future exploratory work.
Repsol, known for its expertise in the field of oil drilling, has been exploring for oil offshore the Guyana Basin.
The company has had a track record of being the most successful oil and gas exploration company in Latin America over the last 10 years and currently has operations in countries including Argentina, Mexico, Peru, Trinidad and Tobago, Colombia and Brazil and has a risk capital of over US$600 million.