Exploration partners Tullow Oil plc and Eco (Atlantic) Oil & Gas Ltd have decided to move the Orinduik project, offshore Guyana, into Phase Two of its license, committing to a new programme of seismic exploration to gather at least 1,000 square kilometres of 3D data.
Tullow Oil has a 60% stake in the venture alongside Eco with 40%. However a deal reached in September 2017 gave French oil major Total SA an option to acquire a 25% stake in Orinduik from Eco.
Colin Kinley, Eco Atlantic Chief Operating Officer said in a statement that the move to Phase Two is testimony to the confidence placed in the Orinduik Block’s potential. “We are delighted to enter into Phase Two on Orinduik. We have completed and significantly exceeded our 3D seismic requirements for Phase Two already during Phase One,” he said, according to a Proactive Investors report.
Contingent on Total making a decision to buy into the project are positive results from the seismic data. “The initial phase of processing is nearing completion. Once we are satisfied with the data at that stage, we will supply it to Total for their review under their option agreement. “While the precise date is yet to be determined by the partners, an announcement will be made at that time and the companies will begin working together on the interpretation and selection of well targets.”
Kinley noted too that their confidence has been bolstered by ExxonMobil’s sixth discovery on the adjacent Stabroek Block, Ranger-1, “which now increases Exxon’s estimated to total more than 3.2 billion recoverable oil-equivalent barrels on the Block.”