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Eco Atlantic announces plan for new exploration well in light of major discoveries in Stabroek Block
Kaieteur News- The exciting chain of successful discoveries unlocked by the ExxonMobil-led consortium in the Stabroek Block is encouraging the operator of the Orinduik Block to pursue a new exploration well in what the company described as one of the world’s most prolific offshore oil regions.
The announcement was made this week by Eco Atlantic Oil & Gas. The company holds a 100% working interest in the Orinduik Block and has already made two discoveries there.
In a statement, it said, “With multiple leads identified and major discoveries nearby, ongoing G&G work is supporting preparations for the next exploration well.”
Map showing the location of the Orinduik Block, offshore Guyana and the discoveries made to date near the Stabroek Block (Source: Eco Atlantic)
The company added, “Orinduik remains a key long-term asset as Eco advances its Guyana strategy.”
In Guyana, Eco Guyana holds a 100% working interest in the 1,354 km2 Orinduik Block in the well-proven Suriname-Guyana basin.
The Orinduik Block is situated in shallow water (70 – 1,400m), 170 km offshore Guyana and is located 11km up-dip from ExxonMobil’s Liza discovery and 6km up-dip from Hammerhead discovery on the Stabroek Block. In 2019, two oil discoveries at Jethro-1 and Joe-1 were made, and both wells encountered high-quality reservoirs containing mobile heavy crude.
Earlier this year, it was reported that the Canadian Exploration Company is advancing plans for a 2025 drilling campaign at the Orinduik Block, targeting stacked Cretaceous reservoirs similar to those found in the prolific Stabroek Block.
The company’s latest Competent Person’s Report (CPR) estimates gross prospective resources at 4.5 billion barrels of oil equivalent (MMBOE) in the block.
As part of its strategy, Eco Atlantic has initiated a formal farm-out process to attract partners for the next phase of exploration.
In November 2023, Eco Atlantic completed the acquisition of a 60% operated interest in the Orinduik Block from Tullow Guyana for US$700,000 in cash, along with future contingent royalty considerations.
Given its proximity to successful oil discoveries in the Stabroek Block, the company is hoping to attract similar success. So far, the ExxonMobil-operated block has unlocked 46 discoveries, including five discoveries in 2024.
During this year’s Energy Conference in February at the Marriott Hotel, Georgetown, ExxonMobil Senior Vice President, Deep Water, J. Hunter Farris highlighted the ‘remarkable success’ of the block.
Farris told delegates this is “completely unheard of in our industry and in the deep-water space so this whole expectation, I knew we would bring our best, I knew we do what we said we were gonna do and then I’ve been very pleased by the outcome and how quickly, responsibly, safely we’ve been able to not only find frontier resource but develop it at really industry leading pace that then brings significant value to the people of Guyana and that’s what our job is.”
He went on to describe Guyana as an “oil super power” given the more than 11 billion barrels of resources discovered by the consortium over the past 10 years.
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