Tullow Oil has signed a non-binding Memorandum of Understanding with Shell to collaborate in frontier exploration in selected regions and geological plays around the Atlantic basin.
The two companies will pursue and evaluate what may be transformational geological plays in little explored frontier basins. They will pool their knowledge base and specialist capabilities to facilitate more effective de-risking and development in areas of mutual interest with the potential to deliver strong results.
Last September, Tullow announced a potentially significant oil discovery in the Zaedyus structure offshoreFrench Guiana, where it is already in partnership with Shell, and also Total. The result demonstrated an extension of the West African Jubilee play across the Atlantic.
Drilling operations continued until mid-November, including side tracking of the well in order to cut a core. A liner was run over the main oil-bearing reservoir and the well was suspended for future re-entry. Core analysis is under way and the initial phase should be completed soon.
A Ministerial Order granting the partners approval for transfer and renewal of the Guyane Maritime permit is expected to be published shortly.
In the meantime, they are discussing a follow-up exploration and appraisal campaign which will include 3D seismic acquisition and drilling program, due to start in mid-year.
Offshore nearby Suriname in block 47, Tullow has finalized the farm-out of a 30% interest to Statoil and planning is advanced for a 3D seismic survey of more than 2,500 sq km (965 sq mi). This is due to start in the spring, subject to environmental approvals, and take around four months to complete.
