Oil producers Total and Apache announced a “significant oil discovery” on Tuesday that they said proves oil-rich rock formations off the coast of Guyana cross into Suriname waters, where they are exploring.
The companies heralded the potential for “prolific” oil production after drilling work at the Maka Central-1 well off the coast of the South American nation showed that the neighbouring Guyanese Cretaceous oil play — in which rival ExxonMobil has discovered billions of barrels equivalent of recoverable oil and gas — extends into local waters.
The two companies each own a 50 per cent stake in ‘Block 58’ where the well was drilled, after Total bought into it last month. Shares in Apache rose 20 per cent on the news to their highest level since May last year. Total shares were unmoved.
Read more at: Total and Apache tout ‘significant’ oil find in Suriname waters | Financial Times
The companies heralded the potential for “prolific” oil production after drilling work at the Maka Central-1 well off the coast of the South American nation showed that the neighbouring Guyanese Cretaceous oil play — in which rival ExxonMobil has discovered billions of barrels equivalent of recoverable oil and gas — extends into local waters.
The two companies each own a 50 per cent stake in ‘Block 58’ where the well was drilled, after Total bought into it last month. Shares in Apache rose 20 per cent on the news to their highest level since May last year. Total shares were unmoved.
Read more at: Total and Apache tout ‘significant’ oil find in Suriname waters | Financial Times
