Eco (Atlantic) Oil & Gas plans to drill one exploration well at the Orinduik Block offshore Guyana in the first half of 2025.
The company said in a July presentation that it is focused on multi-million barrel stacked pay targets in the Cretaceous formation. The block is estimated to hold 4.5 billion barrels of gross prospective resources, Eco noted.
Two notable targets – Kumaka and Iatuk – were floated in previous Eco presentations. They are located in the eastern section of the Orinduik Block, notably close to ExxonMobil’s Hammerhead discovery at the Stabroek Block. Exxon recently applied to the Guyana government for approval to produce oil at Hammerhead.
Eco is the sole owner of the Orinduik Block. It had been a minority partner, until Tullow pulled out in August 2023, with TotalEnergies and QatarEnergy following in January 2024.
Eco said it is “actively engaged in [a] farmout process.” Gil Holzman, its Chief Executive Officer (CEO), had said in March that nine big companies were vying for the partnership and that a new partner could take a 75% stake in the acreage.
As part of its exit deal, Tullow is set to receive payments from Eco, contingent on milestones from commercial discovery to production at the Orinduik Block.
Two heavy oil discoveries were made at the block in 2019 – Jethro and Joe. Eco said studies indicated that there is enough proven oil there to make development profitable.
The block was originally 1,801 km2 but was reduced to 1354 km2 due to contractually obligated relinquishments after key phases.
Eco is in the final three-year phase of the Orinduik Block petroleum agreement. Except in the event of a commercial discovery and/or development decision, the contractor will be expected to return the entire block to the government when the period ends.
