Tullow Oil has approved a 2,550 square kilometer seismic survey on the Orinduik block offshore Guyana.
According to Tullow’s partner Eco Atlantic, the survey, to be carried out by WesternGeco, will begin in the next two weeks.
Tullow, the operator, holds a 60 percent stake in the block, with Eco Atlantic holding the remaining 40 percent.
The Orinduik block is located a few kilometers from Exxon’s recent Liza and Payara discoveries which hold around 1.5 billion barrels of recoverable oil.
Tullow has completed the first phase of exploration including evaluating all existing and regional 2D data.
“Following the results of this study and the ongoing regional success, both parties have agreed to accelerate and significantly increase the originally proposed 1,000 square kilometers 3D survey commitment on the block to 2,550 square kilometers, covering the entire block area and fully overlapping current prospective 2D leads and downdip trends,” Eco Atlantic said.
As part of its agreement between the partners, Tullow will carry Eco Atlantic’s share of the originally proposed 1,000 square kilometer survey at a cap of $1.25 million. The balance of the program will be funded by both parties on a pro-rata basis. The additional cost of the enhanced seismic program to Eco is covered by existing cash resources following the company’s oversubscribed placing of £5.1 million ($6.6 million) announced in February 2017.
Colin Kinley, COO and co-founder of Eco Atlantic, said: “In addition to de-risking the existing two defined targets, the survey will hopefully generate additional targets on the Orinduik Block, thereby increasing the prospective oil in place and adding leads for future work programs.
“We were keenly interested in this region of the Guyana-Suriname Basin even before Exxon’s highly successful drilling program, applying for the Orinduik block in 2014 because of its highly prospective Cretaceous canyon and fan plays. We have since been excited to see Exxon continue to successfully prove out the region in its ongoing drilling program and look forward to results from our 3D survey, which are expected to come in the next couple of months.
“The 2D interpretation has led to at least two significant reservoir leads on the Orinduik block that both we and Tullow believe may hold significant oil comparable to the world class regional discoveries identified by Exxon. Eco Atlantic expects to confirm several drilling targets with this increased 3D survey, ahead of drilling of the first well in Orinduik, hopefully in 2018.”