Eco (Atlantic) Oil & Gas said in a Jan. 22 update that two of its partners in the Guyana Orinduik license, TotalEnergies and QatarEnergy, have relinquished their working interest.
This follows the August 2023 announcement of Tullow’s exit by selling its Guyana subsidiary to Eco.
TotalEnergies and QatarEnergy participated in the exploration of the block in a 60/40 joint venture called TOQAP B.V, which holds 25%. The duo does not intend to participate in the second phase of the second renewable period of the Orinduik license, which began on January 14, 2024. In this phase, which constitutes the final two years of the license, the license holder commits to drill one exploration well to the Cretaceous formation. The license is set to expire on January 13, 2026.
Eco Orinduik BV, an operator of the license, notified Guyana’s Minister of Natural Resources of the commencement of this phase. Subject to the requisite government approvals, Eco will remain the operator with a 40% working interest as Eco Guyana, and Eco Orinduik B.V will hold 60%.
Despite the exits, Eco is optimistic about the potential of the Orinduik acreage. Colin Kinley, Co-founder and Chief Operating Officer of Eco Atlantic, said, “Knowing the material value and potential of Orinduik Block, Eco acquired Tullow’s 60% WI and has remained focused on drilling a massive, stacked pay interval in the southeastern quadrant of the block.”
He said Eco intends to bring in new partners. “We feel extremely positive about the future of the Orinduik block, receiving significant interest from key industry partners and IOCs in our recently commenced farm-out process.”
The operator will now move into planning and engineering preparations to drill.
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.
