Orinduik Block holds 5.1 billion barrels oil-equivalent

Orinduik Block holds 5.1 billion barrels oil-equivalent – Report reveals

Feb 12, 2020 News

The Orinduik Block is now estimated to have 5.1 billion barrels of oil-equivalent, according to a recent Competent Persons Report contracted by Eco Atlantic Oil & Gas.

Eco Atlantic’s Chief Operating Officer, Colin Kinley

The firm, Gustavson Associates LLC, conducted the report, updating the gross prospective resource previously estimated in March 2019 to be four billion barrels of oil-equivalent.
Eco’s co-founder and chief operating office, Colin Kinley, said “We are pleased to announce a new and updated CPR for our Orinduik Block offshore Guyana. The understanding of our resources has gained strength and momentum with the discoveries we made in the Tertiary last summer and the recent discovery of light oil in Carapa-1, made on the Kanuku Block to the south of us. This has also been driven by the discoveries of over 8 billion barrels of oil immediately East of us by ExxonMobil.”
Eco Atlantic reported that the estimate indicates about 771 million barrels of oil-equivalent as its share, representing Eco’s 15 percent working interest in the Orinduik Block.
Its joint venture partners on that Block are Tullow Guyana BV, which is the operator with a 60 percent working interest; and Total E&P Guyana BV, with a 25 percent working interest. The 1800-square kilometer Block is located in shallow water, about 170km offshore Guyana, according to Eco.
A small fraction of the estimated 5.1 billion barrels has been unrisked. Two discoveries have been made so far in the Block, Jethro-1 and Joe-1. Tullow announced the Jethro-1 find on August 12 and the Joe-1 find on September 16, last year.

Map showing Orinduik Block location

The Jethro-1 well is estimated to hold 208.3 million barrels of oil-equivalent, while the Joe-1 well is estimated to have 104.4 million oil-equivalent barrels. These have been reported as heavy oil finds, which are more challenging to produce.
Those two finds had formed part of the Block’s tertiary leads, which now amount to an estimated 1.2 billion oil-equivalent barrels.
There is probably lighter oil to be found as well.
Hickley is quoted as saying “The Cretaceous pathway of lighter weight oils from the source kitchen to the north, through the Liza Sands [of the Stabroek Block] and through the recent discovery of light oil in Carapa-1 to the south [in the Kanuku Block] confirms our theory and interpretation of transmission of high-quality oil across the Cretaceous sand channels and traps within the Orinduik Block.”
The joint venture partners have now identified 22 prospects on the Orinduik Block including 11 leads in the Upper Cretaceous horizon, with two of the targets in that horizon are identified to have in excess of 725 million oil-equivalent barrels.
They are the Amaila/Kumaka and Iatuk-D, which have 31.5 percent and 31.2 percent possibility of success, respectively. The cretaceous leads amount to an estimated 3.9 billion barrels of oil-equivalent.
A majority of the 22 prospects have a chance of success of over 30 percent.
“Significant exploration potential is what brought us into Guyana before the first barrel was discovered by ExxonMobil. The elements are all here.
“We know that the geology and the geography support us and we have a great team to fine tune the next drilling targets. We have strong partners in Eco and on the block, so as we define our targets, we are well funded and are considering our options to drill as soon as practically possible,” Kinley said.

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