More oil? UK company says studies point to 1 billion barrels in their block

Feb 23, 2018 News Comments Off on More oil? UK company says studies point to 1 billion barrels in their block

A map of the concessions offshore Guyana.

Tullow Oil and Eco (Atlantic) Oil & Gas have identified various leads on their Orinduik block offshore Guyana that could contain more than one billion barrels of oil.
The leads are drawn from studies of several thousand kilometres of 2D data, regional well logs and seismic correlations to ExxonMobil’s nearby Stabroek block wells.
Some of the leads appear to be equivalent in age to the Liza reservoir.
Last year WesternGeco completed a 2,550-sq km (984-sq mi) 3D seismic survey over Orinduik, and PGS is currently processing the results in the UK.
“Eco has contracted Gustavson Associates in Colorado to provide independent interpretation services. Gustavson will also provide a competent persons report under AIM Guidelines and an NI-51-101 report under TSX Guidelines: the consultant has previous experience in the Guyana basin,” statements from the companies indicated yesterday.
“In addition, Eco has received the initial, conditioned PreSTM and fast-track 3D data sets and has forwarded these to Total, which is considering farming into Orinduik, for its own interpretation.”
The news would come as Guyana prepares to start pumping its first oil in commercial production in 2020.
The nearby Stabroek Block area, controlled by ExxonMobil and its partners, is estimated to have at least three billion barrels of oil. Significant interest to explore in Guyana’s offshore area has grown in the last two years following the ExxonMobil discovery.