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The Orinduik Block… Qatar’s buy-in to Total’s share not a done deal–Energy Dept. Head
Qatar, the most affluent country in the world, has Guyana’s oil rich basin on its radar.
Energy Department Head, Dr. Mark Bynoe
Guyana acreage that QP wants to farm-into (Map by Qatar Petroleum)
QP’s CEO, Saad Sherida Al-Kaabi
Yesterday, international media reports emerged saying that the state-owned Qatar Petroleum (QP) Company has bought 40 percent of the interest that French Oil Major, Total, has in the Orinduik Block.
But at his press conference, yesterday, Energy Department Head, Dr. Mark Bynoe said that this is not a done deal.
Dr. Bynoe said, “We have received a transaction letter from Total which the government is currently studying but until such time, we (need to) understand the full implications, because this is not a normal farm-in that we would have seen. And we are not about to pronounce thereon.”
The Energy Department Head added, “What we are finding is QP is seeking to buy into the Total Guyana agreement but we can’t go further because it is early; we are in discussions with the co-ventures so we can have greater clarity.”
In addition to getting a piece of the action in the Orinduik block, www.offshoreenergytoday.com reported yesterday that Qatar Petroleum also wants 40% of Total’s existing 25% participating interest in the neighbouring Kanuku block.
Repsol is the operator of the Kanuku block with a 37.5% stake, with Tullow Oil holding the remaining 37.5% interest.
The Orinduik block sits 120 kilometers offshore Guyana. It has a total area of about 1,800 square kilometers, with water depths ranging from 70 metres to 1,400 meters. The Kanuku block is located 100 km offshore Guyana and has a total area of about 5,200 square kilometers, with water depths ranging from 70metres“““““““““““““` to 800 meters.
Two explorations are planned for the Orinduik block this year with the Jethro well currently being drilled. One is also set for drilling in the Kanuku block.
Further to this, Offshoreenergytoday.com said that CEO of Qatar Petroleum, Saad Sherida Al-Kaabi expressed hope that the exploration efforts are successful.
He said, “I would like to take this opportunity to thank our partners and the government of Guyana for their collaboration in this effort, and we look forward to working together in these blocks. We are pleased to expand our global exploration footprint into Guyana together with our valuable, long-term partner, Total, in these offshore blocks in this prospective basin.”
Just last week, Qatar Petroleum signed agreements with Eni and Total to acquire a 25 percent stake in three blocks in the frontier areas offshore Kenya.
The company has in the past years acquired rights in the acreage offshore South Africa, Mexico, Morocco, Cyprus, Mozambique, and Oman as well, with partners being Eni, Total, and ExxonMobil.
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