Tullow Oil and its joint venture partners in the Orinduik Block located offshore Guyana have elected to enter the next exploration phase of the Orinduik Petroleum Agreement signed on January 14, 2016, and have submitted their official notice to the Department of Energy of the Government of Guyana.
The JV Partners are Eco Atlantic (15% working interest), Tullow (Operator, 60% WI), and Total (25% WI).
Eco said on Tuesday that the entering into of the first renewal period, which will start from January 14, 2020, would see the JV Partners maintain control of the license for further three years, through to January 13, 2023, and until the second renewal period.
According to Eco, the work completed by the JV Partners on the Orinduik Block to date, including the completion of a 2,550 km2 3D seismic program 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.
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 license commitments to date and stand ready to further appraise and explore the significant hydrocarbon potential of the Orinduik Block license, 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.”
Holzman added: “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 program for 2020, and we look forward to publishing an updated CPR on Orinduik Block and sharing our upcoming plans on our Namibian and Guyanese licenses over the coming months.”
As previously reported, following its recent two oil discoveries, Tullow Oil and its partners in the Orinduik block are reviewing multiple prospects on the block and working to approve the budget for the 2020 drilling campaign.
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