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Tullow eyes 11 new leads on Orinduik Block for light, sweet crude
By Kiana Wilburg
After making two discoveries of heavy oil on the Orinduik Block, UK Exploration Company, Tullow Oil, is eyeing close to a dozen new leads that could hopefully lead to finding commercial quantities of light, sweet crude.
This was noted yesterday by one of Tullow’s partners on the block, Eco Atlantic Oil and Gas Limited.
In its most recent market update, Eco said that 22 prospects have been identified on the Orinduik Block and 11 of them are in the Cretaceous play. Next door to the Orinduik Block, ExxonMobil’s subsidiary, Esso Exploration and Production Guyana Limited (EEPGL) has chalked up 16 discoveries with 11 being in the Cretaceous play. The said discoveries are light, sweet crude and their subsequent development is poised to be a multibillion-dollar venture for the parties involved.
Tullow which is the Operator of the Orinduik Block has proposed a further fine tuning analysis of the upper cretaceous reservoirs. Kaieteur News understands that leads in the Cretaceous section are estimated to contain approximately 3.9 million barrels of oil equivalent resource.
Along with further fine tuning, Tullow has announced a plan to incorporate the Carapa well data from the Kanuku Block into Orinduik’s existing geological models and technical analysis over the coming period. The partners also plan to integrate the discoveries at Jethro and Joe on the Orinduik Block with the Carapa discovery along with the rest of the regional data now available and incorporate this data into a reprocessing of the 3D seismic already shot on Orinduik.
The intent is to provide further definition to the Cretaceous interpretation and target selection for drilling.
Kaieteur News understands that geological modeling, prospects maturation and target selection on the Block are ongoing, and the joint venture partners are working closely to agree the best work programme to further explore the prospectivity of the license. In addition to this, multiple prospects are currently being reviewed with high-graded candidates under consideration for the next drilling programme.
ORINDUIK JV PARTNERS
In January 2016, Eco signed a Petroleum Agreement and is party to a Petroleum Licence with the Government of Guyana and Tullow Oil for the Orinduik Block offshore Guyana.
Tullow Oil as the Operator of the Block, paid past costs and carried Eco for the first 1000km2 of the 2550km2 3D Survey. Further, Tullow contributed an extensive 2D seismic data set and interpretation.
The Company’s 2550 km2 3D seismic survey was completed in September 2017, well within the initial four-year work commitment the Company made for the initial 1000km2.
In September 2017, Eco announced that its subsidiary, Eco Atlantic (Guyana) Inc. entered into an option agreement on its Orinduik Block with Total, a wholly owned subsidiary of Total S.A. Pursuant to the option.
Total paid an option fee of US$1 million to farm-in to the Orinduik Block. An additional payment of US$12,500,000 was made when Total exercised its option to earn 25 percent of Eco’s working interest in September 2018.
Following the exercise of the option by Total, the Block’s working interests became: Tullow – 60% (Operator), Total – 25% and Eco – 15%. In October, last, the Government approved of the Total farm-in on the Orinduik Block, which has the potential for almost three billion barrels of oil equivalent.
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