Tullow seeking to unlock value offshore Guyana but not any time soon

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Analysts had expected Tullow Oil  to drill the Amatuk prospect at Guyana’s Orinduik Block this year, but it doesn’t seem like that will happen. 

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 company published a statement of its Chief Executive Officer, Rahul Dhir, which notes no exploration plans for its Guyana asset in its ‘2023 progress and outlook’ section. The company’s focus is on its assets in Ghana, Gabon, Kenya and Côte d’Ivoire. 

In terms of near-term catalysts to unlock value, Dhir said the Board remains confident about implementing Tullow’s infrastructure-led exploration strategy to maximise value around its producing assets in West Africa. In terms of its positions in Guyana and Argentina, Dhir said Tullow continues to seek opportunities to unlock value. Tullow said earlier this year that it is proceeding with plans to farm down interest in these two jurisdictions. It said it decided to pursue the farmdowns to ensure it can participate at equities consistent with its capital allocation guidance. 

The Orinduik Block lies 170 kilometres (km) offshore Guyana. Public information indicates that Tullow owns a 60% operating interest, while Eco-Atlantic has 15% working interest and TotalEnergies/Qatar Energy JV has 25%.

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