GEORGETOWN, Guyana – The government of Guyana, through Minister of Natural Resources Raphael Trotman, has signed a petroleum prospecting license and production-sharing agreement with the joint venture team of Tullow Guyana BV and Eco (Atlantic) Guyana Inc.
The newly issued license covers the Orinduik block, a concession of 1,801 sq km (695 sq mi) offshore Guyana. The agreement calls for a work program involving a geological and geophysical evaluation which will include a 3D seismic acquisition, all within the initial 10-year period of the license.
Tullow will hold the operatorship and 60% working interest, with Eco Atlantic holding the remaining 40%.
The Orinduik block is located in the Suriname Guyana basin in shallow waters and is located near Exxon Mobil Corp.’s recent deepwater Liza discovery. In May 2015, the company reported that the well encountered more than 90 m (295 ft) of high-quality oil-bearing sandstone reservoirs.
Speaking to Bloomberg about the Liza-1 well in July 2015, Trotman said that the discovery probably holds more than 700 MMboe.