Shell and Northern Petroleum begin drilling oil well in French Guiana

Shell and its partners have started drilling the second of four oil wells in the Guyane Maritime Permit in French Guiana.

Shell and its partners have started drilling the second of four oil wells in the Guyane Maritime Permit in French Guiana.

Shell holds 45% in the Guyane Maritime offshore exploration licence along with Total (25%), Tullow Oil (27.5%), Northern Petroleum (1.25%) and Wessex Exploration (1.25%).

The GM-ES-3 well in the programme has been located to test the Priodontes Prospect and provide further geological data critical to gaining a better understanding of the potential of this area as a new offshore oil province.

The operation follows the exploration programme's GM-ES-1 well which encountered 72 metres of net oil pay in two turbidite sand systems.

The GM-ES-2 was the first exploration well in the programme but failed to encounter commercial hydrocarbons.

Derek Musgrove, Managing Director of Northern, said: "The joint venture with Shell, Total, Tullow and Wessex is continuing upon its vigorous follow up of the successful GM-ES-1 discovery in late 2011."

"This is the second well in the four well programme to assess the potential of the offshore of Guyane as a new oil province. I look forward to updating shareholders on progress in the coming months."

RD

Recommended

The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
23 Jan 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023
The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into accord…
5 Jan 2023
Investing trends to watch out for in 2023: what analysts say
Investment strategy

Investing trends to watch out for in 2023: what analysts say

What are sensible strategies for high inflationary times? We ask analysts to find out.
22 Dec 2022

Most Popular

Council tax increases 2023 – how much more will you pay?
Tax

Council tax increases 2023 – how much more will you pay?

Your council tax bill will go up in April - we reveal the councils that have confirmed what this year’s increase will be.
23 Jan 2023
Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Wholesale gas prices are on a downward trajectory, but does this mean lower energy bills later this year?
27 Jan 2023
When will interest rates go up?
UK Economy

When will interest rates go up?

New interest rates will be announced on 2 February – we look at what to expect.
26 Jan 2023