News listings

energy-pedia licensing

Guyana flagGuyana

South America / GoM >>> Guyana

Guyana: Orinduik Block JV partners enter first renewal period


10 Dec 2019

Photo - see caption

Eco (Atlantic) Oil & Gas has announced that the Orinduik Block Joint Venture Partners have elected to enter the next exploration phase (the 'First Renewal Period') of the Orinduik Petroleum Agreement signed on 14 January 2016 and have submitted their official notice to the Department of Energy of the Government of Guyana.

The entering into of the First Renewal Period, which will commence from 14 January 2020, will see the JV Partners maintain control of the licence for a further three years, through to 13 January 2023, and until the second renewal period. The work completed by the JV Partners on the Orinduik Block to date, including the completion of a 2,550 km2 3D seismic programme in 2017 and the drilling of two exploration wells, both leading to discoveries, on Jethro-1 and Joe-1, has exceeded all of the original license commitments required within the initial phase of the Orinduik Petroleum Agreement.

The JV Partners are, Eco Atlantic (15% working interest ('WI')), Tullow Guyana (Operator, 60% WI) and Total E&P Guyana (25% WI).

Photo - see caption

Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented: 

'We are very pleased that the JV Partners have unanimously elected to enter into the next phase of exploration and development at the Orinduik Block.  We have met and exceeded all of the licence commitments to date and stand ready to further appraise and explore the significant hydrocarbon potential of the Orinduik Block licence, both in the proven discoveries of the Tertiary layer and in the deeper Cretaceous layer, estimated to hold an additional 3.2 bn barrels of oil (gross unrisked prospective (P50) resource) according to the CPR resource report published in March 2019. 

'2019 has been a milestone year for Eco Atlantic.  We were honoured to be awarded the Explorer of the Year award at the Oil & Gas Council's Awards for Excellence, voted on by industry participants, on 3 December 2019.  As we look to next year, we will continue to work closely with all our stakeholders, including our host Governments and the JV Partners, to determine the budget and drilling programme for 2020, and we look forward to publishing an updated CPR on Orinduik Block and sharing our upcoming plans on our Namibian and Guyanese licences over the coming months.'

Original article link

Source: Eco Atlantic





Bookmark and Share


A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.


Subscriber Only Deals

Current deals: 1708
Completed deals: 5291

Company Profiles

Current Company Profiles: 2656

Corporate Activity

Current Corporate Activity articles: 3376

Companies Looking

Current number of articles: 428

Company Sales

Current Company Sales articles:1388

Geostudies

Current Geostudies articles: 670

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...


energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...



energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...

Subscribe

Subscribe to the FREE
energy-pedia Daily Newsletter
Subscribe

KL Publishing
Government of South Australia
Rose & Assocs 149
Bayphase
Union Jack Oil 149
count geophysics
OPC
SLR Consulting logo
energy365
Geoespace
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans
UNITED KINGDOM

Tel: +44(0)1727 822675

Email: info@energy-pedia.com