Offshore staff
TORONTO – Eco (Atlantic) Oil & Gas has received an updated competent persons report (CPR) from Gustavson Associates on reserves in the Orinduik block offshore Guyana.
Following last year’s Jethro and Joe discoveries on the Tullow-operated block, gross prospective resources have risen to 5,141 MMboe, up from 3,981 MMboe in March 2019.
In addition, the CPR has identified 22 further prospects including leads in the Upper Cretaceous. Many of the leads have been given a 30% or better chance of success following Repsol’s recent discovery of light oil on the Kanuku block to the south.
Two targets in the Cretaceous (Amaila/Kumaka and Iatuk-D) could each hold more than 725 MMboe.
Tullow and partners Total and Eco Atlantic will meet soon to assess results of recent wells, define drilling targets, and review budgets and dates for future drilling. Late last year they sanctioned a provisional budget for 2020 subject to JV drilling approvals.
Colin Kinley, co-founder and COO of Eco Atlantic, said: “Our choice was to first test the Tertiary section and to take the risk of opening a new play and a new opportunity for Guyana. As previously announced, this younger section delivered a significant resource of heavy oil pay.
“Heavy oil is more challenging to produce than conventional lighter oils, but remains a marketable hydrocarbon with increasing demand worldwide, as other heavy oil resources have dropped offline. Interpretation of this play has continued and has seen material growth in the interpreted resources.
“The Cretaceous pathway of lighter weight oils from the source kitchen to the north, through the Liza sands and through the recent discovery of light oil in Carapa-1 to the south, confirms our theory and interpretation of transmission of high-quality oil across the Cretaceous sand channels and traps within the Orinduik block.”
He added: "We have seen a growth of the overall oil numbers with the thickness of section and a greater understanding of the areal extent and thicknesses of our sands.”
02/03/2020
