Orinduik partners renew license, drilling target selection expected this year

Tullow Oil PLC and its Orinduick license partners were granted renewal of the offshore Guyana petroleum prospecting license initially signed in January 2016 with the Government of Guyana. Selection of drilling targets is expected this year.

The first renewal period, granting control of the license until Jan. 13, 2023, has been approved and signed by the Department of Energy of the Government of Guyana (DOE), partner Eco (Atlantic) Oil & Gas Ltd. said in a Mar. 15 release.

The DOE also has provided final approval for the transfer of the Total E&P Guyana BV 25% working interest in the Orinduik Petroleum Agreement to a new company jointly owned by Total E&P Guyana BV (60%) and Qatar Petroleum (40%), namely TOQAP Guyana BV (TOQAP). The JV partners now comprise Tullow Guyana BV (operator, 60%), TOQAP (25%), and Eco Atlantic (15%).

“As a group, the JV Partners continue with advanced reprocessing of the geophysical data, in combination with the additional information obtained from regional drilling results, and further evaluation of the Joe and Jethro discoveries (OGJ Online, Aug. 12, 2019; Sept. 16, 2019). 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,” said Colin Kinley, chief operating officer, Eco Atlantic.