GEORGETOWN, Guyana (AP) — Two international oil companies say they will start exploring off the South American coast of Guyana that is believed to be rich in natural resources.
London-based Tullow Oil and Toronto-based Eco (Atlantic) Oil & Gas made the announcement on Friday. Both have offshore concessions just a few miles from where U.S. oil giant Exxon Mobil Corp. found a well believed to contain up to 1.4 billion barrels of oil and an undisclosed amount of gas.
Company officials said they still start surveying the area by late June and expect to drill the first well in 2018. They said preliminary exploration revealed at least two significant reservoir leads.
Neighboring Venezuela has rejected planned development of oil fields in Guyana because they are allegedly in waters claimed by both countries.