Offshore staff
TORONTO, Canada — Eco Orinduik has informed Guyana’s Minister of Natural Resources of its intention to enter the second phase of the second renewal period of the offshore Orinduik license.
There is a commitment to drill one exploration well into the Cretaceous Formation before the license period ends on Jan. 13, 2026.
TOQAP Guyana, the joint entity held 60:40 by TotalEnergies and QatarEnergy, has relinquished its 25% interest and will not participate in the next phase. That interest will now transfer to Eco Guyana.
Subject to government approvals, Eco will remain operator of the license with a 40% stake, the remaining 60% held by Eco Orinduik.
Colin Kinley, co-founder and COO of parent company Eco (Atlantic), said, "Knowing the material value and potential of Orinduik Block, Eco acquired Tullow's 60% WI and has remained focused on drilling a massive, stacked pay interval in the southeastern quadrant of the block.
“Eco Atlantic now…intends to bring in new partners and to drill the significant potential of the Cretaceous interval on the Guyana oil fairway…we now move into planning and engineering preparations to drill in next 12-18 months.”
01.22.2024
