Eco Atlantic Oil and Gas, one of the Joint Venture (JV) partners in the Orinduik Block offshore Guyana, has said that the block has enough oil potential to rival the Liza field… and this will soon be put to the test when Eco determines its drill targets for the Orinduik Block.
According to Eco, Guyana is one of the most prolific exploration regions in the world and the company believes that the eastern portion of the Orinduik Block holds significant promise that could rival the Liza field oil discovery trend.In the company’s corporate and operational update that dealt with the results of the six months ended September 30, they explained that they are funded for further anticipated drilling in the Orinduik Block and will be pursuing at least one exploration well targeting light crude oil.
“Eco continues to firmly believe that Orinduik offers significant upside, with the eastern section of the block closer to the established Liza oil trend than any other block offshore Guyana. The partnership is focused on the careful selection of locations and is able to drill a number of stacked or multiple target sections targeting light oil.”
“Guyana continues to be one of the most prolific exploration regions in the world, with over ten billion barrels of oil discovered in the last six years. Eco and the JV partners have already delivered two substantial oil discoveries on the Orinduik Block and the block continues to offer significant upside potential,” the company said.
Meanwhile, the update featured a quote from President and Chief Executive Officer (CEO) of Eco Atlantic, Gil Holzman. According to him, the company’s outlook for next year is a good one, particularly as it relates to the Canje and Orinduik Blocks offshore Guyana.
“We are extremely upbeat about our operational outlook for 2022; in the near-term, we look forward to updating the market on technical results of the Sapote-1 well and updated drilling plans on the Canje Block,” he said.
“And we are confident that our investment in JHI will generate considerable opportunity and value going forward. On our Orinduik Block we are close to finalising the drilling targets selection process and continue to see substantial prospectivity in the light oil cretaceous section on the block,” Holzman added.
While Eco is a newcomer in the Canje Block, it had announced a gross figure of approximately 2.9 billion barrels of oil and gas equivalents in its Orinduik Block back in 2018. This amount was verified by the first independent assessment done on the field.
The Orinduik oil block is just a few kilometres from ExxonMobil’s discoveries in the Liza and Payara fields. It is under the administration of Eco Guyana and Tullow, who signed a 10-year Petroleum Prospecting Licence and Production Sharing Agreement with Guyana in 2016.
Earlier this year, Qatar Petroleum (40 per cent) and Total E&P Guyana BV (60 per cent), farmed into the block using Total’s 25 per cent working interest in the block. Oil was found in Orinduik back in 2019, with the Jethro-1 and Joe-1 wells.
Back in September of this year, Eco had announced in its SEDAR filings that they would be revisiting the Jethro-1 well’s commercial value. When the Jethro-1 well was dug in the Orinduik Block back in 2019, it was found to not have commercially viable oil.
According to Eco in its filings to the Canadian authorities, Guyana continues to be one of the most prolific oil exploration destinations in the world. And with the recent increase in oil prices, Eco said that the joint venture partners would be revisiting the Jethro discovery and its potential to be commercialised.
