Our main focus is to deliver on our promise of large oil deposits in Guyana – Gil Holzman

Must Read

Hundreds of Guyanese businesses accessing CLBD’s online training courses

Hundreds of Guyanese businesses are befitting from a wide range of online training courses being offered by the Centre...

World will still rely on oil and gas for much of its energy needs beyond 2040 – WoodMac Analysts

In keeping with the goal of the Paris Agreement which calls for a limit to the increase in global...

Guyana remains cautious of Dutch disease even as oil takes GDP to an “impressive” 5.4 percent

Following its latest assessment of the economy’s performance for the year 2019, the Government of Guyana has stated in...
OilNOW
OilNow is an online-based Information and Resource Centre which serves to complement the work of all stakeholders in the oil and gas sector in Guyana.

Eco Atlantic Oil & Gas has been making some major announcements about potential multli-billion-barrel deposits at its Orinduik block offshore the South American country of Guyana. CEO, Gil Holzman told Vox Markets in an interview on Tuesday that the company’s main focus is to deliver on its promise of an oil bounty when it spuds its first well in June.

Holzman is hedging all bets on discovering large volumes of oil in Guyana. He describes this as a ‘company maker’ and ‘game changer’ for Eco Atlantic with hopes of replicating the success US oil major ExxonMobil has had in the neighbouring Stabroek Block, located approximately 6 kilometers away from Orinduik. Exxon and joint venture partners Hess and CNOOC have made a record 12 discoveries in 3 years, totaling more than 5.5 billion barrels of oil equivalent.

“All of these discoveries and the fact that they directly correlate with what we see on our block gives us a lot of comfort that there is a hydrocarbon presence and good reservoirs extending into our block and gives us a lot of comfort towards this coming June campaign together with Tullow and Total,” he said.

Tullow is the operator at the Orinduik Block with a 60 percent stake while Total has 25 percent and Eco Atlantic Oil and Gas has 15 percent. The joint venture partners increased their estimated recoverable reserves to 4 billion barrels of oil equivalent on March 18. The estimate is based on data gathered, including that obtained at the Latuk Lead on the Orinduik Block which the company says bears great similarities to Exxon’s Hammerhead discovery and shares many of the same channel characteristics.

The Stena Forth has been contracted to drill the Jethro-Lobe prospect, which Holzman says has a 43 percent success rate for a discovery.  The agreement also defines a window for a second well on the Orinduik Block, which would be drilled after the Jethro-Lobe well has been completed.

“Now, our main focus is to – as we always did – to deliver on our promises, to make sure that we drill these two prospects in June and in July, hopefully to come back to the market with some very good news,” Holzman stated.

- Advertisement -

Latest News

Hundreds of Guyanese businesses accessing CLBD’s online training courses

Hundreds of Guyanese businesses are befitting from a wide range of online training courses being offered by the Centre...

World will still rely on oil and gas for much of its energy needs beyond 2040 – WoodMac Analysts

In keeping with the goal of the Paris Agreement which calls for a limit to the increase in global temperatures to below 2 degrees...

Guyana remains cautious of Dutch disease even as oil takes GDP to an “impressive” 5.4 percent

Following its latest assessment of the economy’s performance for the year 2019, the Government of Guyana has stated in its End of Year Outcome...

High performance from Guyana as 2020 half-year discoveries hit lowest in 100 years

Global discoveries of conventional resource volumes reached just 4.9 billion barrels of oil equivalent (boe) in the first half of 2020 with Guyana among...

‘The worst is behind us’: Analysts see continued recovery for global oil markets

After reaching historic lows in April, global oil prices could continue to chop higher in the coming months as COVID-19 shelter-in-place restrictions begin to...

More Articles Like This