The Government of Guyana has granted Tullow Oil, which is the operator in the Orinduik Block offshore Guyana, and its partners, an extension of its prospecting licence until 2023.
This was made known by Tullow’s partner in the Orinduik Block, Eco Atlantic, in a statement on Monday. According to the company, the approval was granted in the “First renewal period” which will see the Orinduik licence that was originally signed on January 14, 2016, being extended.
According to Eco, the farm-in of Petroleum into the Orinduik Block was also approved with the transfer of shares between Qatar Petroleum and Total E&P Guyana BV. Qatar (40 per cent), in collaboration with Total E&P Guyana BV (60 per cent), will be sharing Total’s previous 25 per cent working interest in the Orinduik Block.
“Accordingly, the JV Partners now comprise Eco Atlantic (15 per cent working interest), Tullow Guyana BV (Operator, 60 per cent working interest) and TOQAP (25 per cent working interest). “The First Renewal Period sees the JV Partners maintain control of the licence through to 13 January 2023 and until the second renewal period,” Eco Atlantic said.
The statement quoted Eco’s Chief Operating Officer, Colin Kinley, lauding the Government for its continued support of their exploration in the Orinduik Block. According to him, the joint venture partners will continue their exploration activities with the use of available geophysical data and evaluations of their Joe and Jethro well discoveries.
“The partnership is focused on its multiple light sweet oil prospects on the Orinduik Block, and we are high-grading candidates for the next drilling program, with the Operator expected to select targets later this year. We will update the market on further drilling plans in due course on our opportunity and prospects in this prolific oil basin,” he was quoted as saying.