Repsol is to invest $110m in drilling its first offshore well in the Guyana Basin.

The company brought heavy-duty equipment to drill at Guyana and is targeting an area that is expected to contain 15 billion barrels of oil and 1.2 trillion cubic metres of gas reserves.

Repsol will begin drilling a four mile-deep well in August or September, a project that is expected to last for six months.

The high pressure / high temperature well will be sunk 107 miles from Georgetown in the 3,735km² Georgetown block near the border of Suriname, according to guardian.co.tt.