LatAmOil: Eco Atlantic CEO says nine companies are eyeing Orinduik stake

Eco (Atlantic) Oil & Gas CEO Gil Holzman has said that nine companies are competing for the opportunity to farm in the Orinduik block offshore Guyana.

“We are planning to finalise this process hopefully in the next couple of months. [It] depends on the level of interest in the potential commercial terms that we can achieve, and that will open the door for the next well for us in Guyana, targeting light oil in the Cretaceous,” Holzmann stated during his company’s Investor Update earlier this month.

Two discoveries were made at Orinduik in 2019, Jethro and Joe. These fields were found to contain heavy crude oil with a specific gravity of 13-18 degrees API.

According to Holzman, studies conducted with third parties including Wood Mackenzie (UK) have shown that both Jethro and Joe contain sufficient volumes of oil to make development profitable. He also mentioned the possibility that the two discoveries could be combined with discoveries made at the neighbouring Stabroek block, which is operated by a subsidiary of ExxonMobil (US).