The exploration partners are advancing the acreage which is positioned in the vicinity of ExxonMobil’s major discoveries, now seen in excess of 3bn recoverable barrels
Exploration partners Tullow Oil plc (LON:TLW) and Eco (Atlantic) Oil & Gas Ltd (LON:ECO, CVE:EOG) have decided to take forward the Orinduik project, offshore Guyana, into Phase Two of its licence.
It means the partners are committing to a new programme of seismic exploration, to gather at least 1,000 square kilometres of 3D data, though this work has actually already been undertaken (with some 2,550 square kilometres of data captured in September).
Presently, Tullow Oil has a 60% stake in the venture alongside Eco with 40%, but, a new tie-up deal agreed in September gave French oil major Total an option to acquire a 25% stake in Orinduik from Eco.
Colin Kinley, Eco chief operating officer, in a statement said that the entry to Phase Two endorses the belief in the potential of the Orinduik Block.
“We are delighted to enter into Phase Two on Orinduik. We have completed and significantly exceeded our 3D seismic requirements for Phase Two already during Phase One,” he said.
“The initial phase of processing is nearing completion. Once we are satisfied with the data at that stage, we will supply it to Total for their review under their option agreement.
“While the precise date is yet to be determined by the partners, an announcement will be made at that time and the companies will begin working together on the interpretation and selection of well targets.”
This has also recently been strengthened by ExxonMobil’s sixth discovery on the adjacent Stabroek Block, Ranger-1, which is now increases Exxon’s estimated to total more than 3.2 billion recoverable oil-equivalent barrels on the Block.