The partners in the Orinduik Block offshore Guyana are targeting an exploration well in early 2023, according to a report from 15% stakeholder, Eco Atlantic Oil & Gas.
This well is expected to be drilled in the second renewal period of the licence.
The partners are currently in the first phase which lasts for three years from January 14, 2020, to January 13, 2023. To enter the second phase, the partners will have to relinquish 20%, some 360 square kilometers (km2) of the 1,800 km2 acreage.
A recent report updated the gross estimate of resources in Orinduik to 8.1 billion barrels, to which Eco is entitled to 681 million barrels of oil and 544 billion cubic feet of gas.
Two tertiary discoveries were made at Orinduik in 2019 at the Jethro and Joe wells. Eco had said the finds indicated the presence of heavy oil, but were undeterred by the results which were not as the partners had anticipated.
Due to the high oil price situation caused by the fallout from Russia’s invasion of Ukraine, the Orinduik partners are revisiting the commercialisation potential of the Jethro discovery, which holds more than an estimated 100 million barrels.
The Orinduik Block lies 170 kilometers (km) offshore the new oil producing South American country. Tullow Oil is the operator of the block with a 60% stake, while a joint venture between TotalEnergies and Qatar Petroleum (TOQAP) owns the remaining 25%.