Eco Atlantic, one of several companies drilling for oil offshore Guyana, has announced a gross figure of approximately 2.9 Billion Barrels of Oil and Gas in its Orinduik block, verified by the first ever independent assessment done on the field.
According to a Competent Persons Report done by the independent assessor, Gustavson Associates, the oil was found in 10 prospects within the block.
It is believed to include 2.505 billion barrels of recoverable oil and 2.449 trillion cubic feet of associated gas.
Those are, however, gross estimates. According to the company the total net figure is 1.165 billion barrels.
The CBR adds that the risk, or Probability of Success when extracting the oil, is a 16.8 to 22.4 per cent range.
The Orinduik oil block is just a few kilometres from Exxon’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 the Guyana in 2016. They are currently in Phase Two of the agreement.
Eco Guyana holds a 40 per cent working interest alongside Tullow Oil (60 per cent) in the 1,800 km2 Orinduik Block in the shallow water of the prospective Suriname Guyana basin.
As announced on 26 September 2017 however, Eco signed an agreement with Total E&P Activités Pétrolières, a wholly owned subsidiary of Total SA (“Total”), whereby Total has an option to acquire a 25 per cent Working Interest in the Orinduik Block from Eco Guyana.