RWE Dea Plans Farm-in to Kanuku License Offshore Guyana

Source: www.gulfoilandgas.com 12/30/2013, Location: South America

RWE Dea has arranged a deal with Repsol Exploracion Guyana (Repsol) to farm-in to the Kanuku licence operated by Repsol in the Guyana-Suriname Basin located offshore from the coast of Guyana. By entering the South American country, RWE Dea further expands its upstream position in this prolific region along the northeastern coast of South America.

Under the farm-in agreement, RWE Dea will acquire a 30% share in the Kanuku licence. After regulatory approvals the Kanuku block will be explored by a consortium formed by Repsol (40% operator), RWE Dea (30%), and Tullow Oil (30%).

The licence is located in the prospective Guyana-Suriname Basin, 80 kilometres off the northeastern coast of South America and covers an area of 6,525 square kilometres. Kanuku represents a high potential exploration opportunity with significant prospectivity mainly in Cretaceous strata in water depths ranging from shallow shelf to 200 metres.

“This new project in partnership with Repsol and Tullow Oil is another showcase of our strategy of early entry in frontier and emerging basins with volume play potential,” said Hans-Hermann Ecke, Senior Vice President New Ventures of RWE Dea AG. “The results of the past exploration activities of our partners show promising signs of hydrocarbons being present in the licence area, and we look forward to the results of the 2D and 3D seismic acquisition campaign currently underway,” Ecke continued.

The acquisition of 2D and 3D seismic data covering 860 line kilometres and area of approximately 3,200 square kilometres, respectively, was successfully completed in December. After processing the seismic data will be interpreted together with already existing 3D data with the objective of identifying drillable prospects by the end of 2014. Based on the findings, a decision will then be taken whether to enter a second exploration phase during which an exploration well would be due to commence.

The Equatorial Margin of South America is of strategic importance for RWE Dea and is one of the future core regions of the company. RWE Dea is already present in the region through its farm-in to Block 52 mid-year in the neighbouring state of Suriname, where together with its partner PETRONAS a 3D seismic survey has been successfully completed in November.

The transaction remains subject to the approval of the government of the Republic of Guyana.


Nigeria >>  7/1/2022 - ADM Energy PLC, a natural resources investing company, provides an update on the legal proceedings in respect of its interest in the Barracuda oil fie...
Norway >>  7/1/2022 - Rex International Holding Limited (“Rex International Holding”, “Rex” or the “Company”, and together with its subsidiaries, the “Group”), a technology...

Norway >>  7/1/2022 - The farmin agreement with OMV (Norge) AS ("OMV"), which was first announced on May 9, 2022, has now been concluded, according to Longboat Energy, an u...
Canada >>  6/30/2022 - STORAGEVAULT CANADA INC. (“StorageVault”) is pleased to announce that, further to its May 12, 2022 news release, it has completed the acquisition of 6...

Nigeria >>  6/30/2022 - Reference is made to previous stock exchange releases by PetroNor E&P ASA (“PetroNor") regarding the acquisition of Panoro Energy ASA’s (“Panoro”) int...
United States >>  6/30/2022 - U.S. Energy Corp. has entered into an agreement (the “Agreement”) to acquire operated oil and gas producing properties in an all-cash transaction (the...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.