Monday, October 2, 2023

Orinduik block licence renewed, explorers gunning for light sweet oil prospects

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The joint venture partners at Guyana’s Orinduik Block have successfully entered into the First Renewal Period of the Orinduik Petroleum Prospecting Licence initially signed on January 14, 2016 with the Government of Guyana with the associated notice having now been approved and signed by the Department of Energy (DE) of the Government of Guyana. This is according to an update from Eco (Atlantic) Oil & Gas Ltd. which has a 15% Working Interest (WI) in the block.

“The DE has also provided final approval for the transfer of the Total E&P Guyana B.V. 25% working interest in the Orinduik Petroleum Agreement to a new company jointly owned by Total E&P Guyana B.V. (60%) and Qatar Petroleum (40%), namely TOQAP Guyana B.V.,” Eco Atlantic said.

Accordingly, the JV Partners now comprise Eco Atlantic (15% WI), Tullow Guyana B.V. (Operator, 60% WI) and TOQAP (25% WI).

The First Renewal Period sees the JV Partners maintain control of the licence through to 13 January 2023 and until the second renewal period.

“We very much appreciate the Government of Guyana’s continued support of our exploration and expanding partnership on the Orinduik Block,” said Colin Kinley, COO and Co-Founder of Eco Atlantic. “As a group, the JV Partners continue with advanced reprocessing of the geophysical data, in combination with the additional information obtained from regional drilling results, and further evaluation of the Joe and Jethro discoveries.”

He said the partnership is focused on its multiple light sweet oil prospects on the Orinduik Block, and are high-grading candidates for the next drilling program, with the Operator expected to select targets later this year.

“We will update the market on further drilling plans in due course on our opportunity and prospects in this prolific oil basin,” Kinley said.

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