Orinduik partners enter into next phase of exploration
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 the 14th January 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 the 10th December that the entering into of the first renewal period, which will start from the 14th January 2020, would see the JV Partners maintain control of the licence for further three years, through to the 13th January 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 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.
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 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.”
Mr 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 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.”
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.
Source: Offshore Energy Today