A Canada-based oil and gas company is targeting a multi-hundred million barrel stacked pay opportunity at the Orinduik Block, offshore the South American country of Guyana. The exploration company – Eco (Atlantic) Oil & Gas Ltd. – said its recent acquisition of an additional 60% operated interest in the block, through the takeover of Tullow Guyana B.V., a subsidiary of Tullow Oil Plc., aligns with its ambition to explore this potentially lucrative area.
The second renewal period of the Orinduik petroleum agreement started in January. It is set to last three years, and requires the drilling of one exploration well during the period.
The initial two wells drilled in 2019, though deemed non-commercial, unearthed two distinct oil plays, the company explained in a release. Colin Kinley, Co-founder and Chief Operating Officer of Eco Atlantic, emphasized the company’s readiness to drill its targets. He pointed out, “The Orinduik Block rests on a series of continental shelves that lead into a rich and prolific basin, perfectly sealed to trap the massive volumes of oil.” After a decade of exhaustive research, Kinley believes they have an experienced team in place to “target the stacked pay opportunities in the cretaceous.”
With this recent acquisition, subject to customary approvals, Eco Atlantic’s stake in the Orinduik Block has surged to 75%, bolstering their position in one of the world’s most promising petroleum basins. TOQAP Guyana B.V, a joint venture between TotalEnergies and Qatar Energy will retain its 25% stake.
Gil Holzman, President and CEO of Eco Atlantic, expressed optimism about the new dispensation. He noted that the firm would be initiating a farm-out process and preparing for drilling in the cretaceous, where previous light oil discoveries were made in the adjacent Stabroek Block. “We are delighted to begin unlocking the Orinduik Block’s full potential,” Holzman stated.