RE:RE:RE:RE:RE:High Stakes PokerExcerpt from Oilnow news story: "Repsol will employ the Noble Regina Allen to spud the Beebei-Potaro-1 wildcat in the Kanuku block, immediately to the south-west of the prolific Stabroek block, where ExxonMobil has already encountered more than 10 billion barrels of oil equivalent in recoverable volumes."
Repsol Beebei-Potaro-1 should be spudding this month, if it hasn't already spudded. Repsol's head of the Americas, Zapata said that the geology is totally different to Jag-1 and their Capara well offshore Guyana. Anyway all of these wells are near what geologists call the Berbice Lead. I guess that it must be some sort of ancient gorge or canyon. Exxon's discoveries, Kawa, Wei, Repsol, Block 58 are in the same area, yet the water depths and geology can vary a lot.
For example Repsol Beebei-Potaro well will be drilled in only 150 meters of water depth. They are also targetting Cretaceous though. But Exxon's VP of Exploration says that their discoveries span 100 million years of depositional environments in the Cretaceous. So I'm wondering with such variance in depositional age, geology, depth of continental shelf etc packed into a relatively small area then how can anybody use sets of offset well data to estimate the chances of finding oil in another well just a few miles away?
But they do it though. Anyway they say that a commercial find on Repsol Beebei-Potaro-1 will derisk a lot of areas for many operators in the area. Maybe it'll also derisk Wei.