Eco Atlantic, which is preparing to drill two wells in the Orinduik Block offshore Guyana, has estimated that there might be four billion barrels of oil there.
“Eco Atlantic Oil and Gas estimates there are about 4 billion barrels of oil on its Orinduik Block,” the company said in a press release.
To date, Guyana has confirmed about 6 billion barrels of oil under the Atlantic Ocean due to 13 discoveries on the Stabroek block by ExxonMobil.
The Stena Forth oil exploration drillship has left West Africa en route to Guyana where it will spud the Jethro Lobe prospect for Eco Atlantic and its partners, Tullow and Total.
The Stena Forth Drillship is expected to reach Eco’s Orinduik Block on or around June 24.
The second well is the Joe prospect, a few kilometres away.
Eco’s Chief Operating Officer, Colin Kinley, in a press release, said the mobilisation of the Stena Forth is the final stage of a long, conservative and quality-controlled process to plan and drill the initial two wells on Orinduik.
The Block licence was applied for in March 2014 and was awarded to Eco and Tullow in January 2016 with a first well commitment for 2021/2022.
Eco’s Chief Operating Officer said: “With the Stena Forth now mobilizing westwards to Guyana waters, we are on course to drill a pair of potentially transformational wells for the Company, for the Block partners, and for Guyana.”
In fact, he was confident that the company’s interpretation of its data supported a relatively high chance of success, estimated at over 40% for both the Jethro and Joe prospects.
The company said that despite the outcome of the first two planned wells, it has enough capital for a multi-well drilling campaign and was confident that hydrocarbons are on the Block.