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European group eyes ‘sweet’ oil find in the Orinduik block
Kaieteur News – A consortium of European oil companies believe that it is very close to making a ‘sweet’ oil find, in Guyana’s offshore Orinduik oil block, in the country’s Exclusive Economic Zone (EEZ).
Eco’s President and CEO, Gil Holzman
At least, this was the announcement made this past week by minority partner in the consortium, UK-based Eco (Atlantic) Oil & Gas.
The company, in making the announcement, said it is optimistic about the prospects for a major discovery, “noting that the eastern section of the licence area is very close to several fields within the neighbouring Stabroek block.”
Eco said, in a report on its performance in the first nine months of 2021, that it was working with its partners to update the inventory of drilling targets, and to choose exploration drilling sites.
To this end, it was announced that “the consortium hopes to make a final selection and begin preparations for drilling in the near future”.
The company said its partners are capable of drilling wells that target stacked or multiple target sections and they have sufficient funding for their drilling plans.
The British company did not immediately identify any of the drilling sites under consideration.
It did stress, however, that the eastern section of Orinduik had the advantage of proximity to Liza, the first oilfield to come on stream at Stabroek.
As such, “Eco continues to firmly believe that Orinduik offers significant upside, with the eastern section of the block closer to the established Liza oil trend than any other block offshore Guyana.”
The company, in making the announcement, reminded that it had already made two oil discoveries within high-quality sandstone reservoirs at Orinduik – one in the Jethro-1 exploration well, which encountered 55 metres of net pay, and another in the Joe-1 well, which encountered 16 metres of net pay.
A map illustrating the size and location of the Orinduik Block
Both Jethro and Joe have, however, been deemed non-commercial, as they contain heavy oil.
The company nonetheless said, “the consortium is still hopeful of finding light crude, which will command higher prices.”
Gil Holzman, Eco’s President and Chief Executive Officer (CEO), in making the announcement observed that, “on our Orinduik block, we are close to finalising the drilling targets selection process, and continue to see substantial prospectively in the light oil Cretaceous section on the block”.
The near-term will be exciting, he said, and drew reference to “ExxonMobil’s Fangtooth-1 well, just north and down dip of Orinduik on the Stabroek block.”
Eco currently has a 15 percent stake in the Orinduik block, while the other consortium partners are—Operator—Tullow Oil, and TOQAP, a partnership established by Total Energies (France) and Qatar Petroleum.
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