Eco (Atlantic) Oil & Gas and Navitas Petroleum expect to complete negotiations with the Guyana government for a new production sharing Agreement covering the Orinduik Block area in the third quarter of 2026.
The agreement would allow the companies to advance an appraisal and exploration program offshore Guyana. It could include further evaluation of the Jethro-1 and Joe-1 heavy oil discoveries or the drilling of an exploration well.
“Eco and Navitas are currently in advanced Production Sharing Agreement (PSA) negotiations with Guyana’s Ministry of Natural Resources regarding the new license over the Orinduik Block area, which are expected to complete in Q3 2026,” Eco said in an operational update.
The Ministry of Natural Resources and the Guyana Geology and Mines Commission have received joint submissions from Eco and Navitas for the new agreement.
Eco Atlantic, Navitas in talks with Guyana gov’t to extend Orinduik appraisal rights | OilNOW
The previous Orinduik license reached the end of its second renewal term on January 14, 2026. Eco said provisions in Guyana’s Petroleum Act allow it to retain rights to Jethro-1 and Joe-1 while the government considers the submitted appraisal program.
Eco and Navitas have been engaging the government on the continuation of work on the acreage since before the license expired. Eco described the discussions in January as ongoing and constructive.
The 1,354-square-kilometer Orinduik Block is located approximately 170 kilometers offshore Guyana in the Guyana-Suriname Basin. It is adjacent to the Stabroek Block and lies in water depths ranging from 70 to 1,400 meters.
Jethro-1 was announced on August 12, 2019. The well encountered 55 meters of net oil pay in Lower Tertiary sandstones after being drilled to a depth of 4,400 meters in 1,350 meters of water.
Joe-1 was announced on September 16, 2019. It encountered 16 meters of continuous oil-bearing Upper Tertiary sandstone. The well was drilled to a depth of 2,175 meters in 780 meters of water.
Fluid samples collected by then-operator Tullow Oil confirmed mobile heavy crude with high sulfur content at both discoveries.
Orinduik’s Jethro back in focus as standalone development candidate | OilNOW
Eco now holds the entire Orinduik acreage through its subsidiaries. The company granted Navitas an option in December 2025 to acquire an 80% working interest and become operator, subject to government and regulatory approvals.
Navitas would pay Eco US$2.5 million upon exercising the option. Eco would retain a 20% working interest and be carried for up to US$11 million of work on the block, excluding mobilization costs.
