The development stages:Exploration drilling/2013-01.Operated by japanese company Inpex, the block 31 covers 5,560 square kilometers and is located in the Guyana basin at a water depth ranging from 30m to 90m. The license was acquired in 2007 by Inpex's subsidiary, Teikoku Oil. During 2008, the company conducted 3D seismic works and drilled an exploratory well. Another 3D survey was conducted during 2013 and further exploration activities will continue including another exploratory well planned by 2015. It is estimated that the block contains gross resources of 290 million barrels of oil equivalent (MMboe).