RWE Dea expands South American upstream presence by farming-in to the Kanuku licence in Guyana

(PresseBox) ( Hamburg, )
RWE Dea has arranged a deal with Repsol Exploración 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.

Shares in the Kanuku licence:
RWE Dea AG: 30%
Repsol (operator): 40%
Tullow Oil plc: 30%
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