By The Associated Press
Thursday, February 9, 2012
The Spanish-based oil company Repsol YPF has started drilling its first well in Caribbean waters off the South American nation of Guyana.
The 6,500-meter (21,000-feet) well targets an area that experts say could hold up to 15 billion barrels of oil and 42 trillion cubic feet (1.2 trillion cubic meters) of natural gas.
Repsol YPF is partnering with Canada-based CGX Energy Inc. for the $55 million drilling endeavor that officials say will take about six months.
Repsol YPF says the well will be the deepest drilled so far in the Guyana-Suriname Basin.
CGX expects to drill a separate well starting next week near Guyana's southeastern border with Suriname.
