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Israeli energy firm moves closer to Guyana’s offshore
– as Navitas meets Govt. on Orinduik Block deal
(Kaieteur News) – Minister of Natural Resources Vickram Bharrat has met with Gideon Tadmor, the Chairman of Navitas Petroleum, the Israeli company that has signed an agreement with Canadian exploration company Eco (Atlantic) Oil & Gas Ltd. to enter the Orinduik Block offshore Guyana.
Tadmor and his team from Navitas alongside Eco Atlantic Chief Executive Officer (CEO) Gil Holzman recently held discussions with Minister Bharrat. “As part of the strategic partnership between ECO and Navitas Petroleum, Eco were delighted to welcome a delegation of the senior management team of Navitas to Georgetown, Guyana this week to meet key stakeholders, service providers, and visit the shore base,” Eco Atlantic said.
The Orinduik Block
Holzman had disclosed that the meeting with government should bring clarity on the work programme and appraisal plan for Orinduik. “We believe this partnership paves the way for our planned exploration and appraisal programmes on the block towards commercialisation, which will be carried and operated by Navitas, and will serve as a high-impact catalyst for the company,” Eco’s CEO had stated.
Earlier this month, it was announced that Eco entered a binding framework agreement and two option agreements with Navitas Petroleum for the Orinduik Block and Block 1 CBK offshore South Africa. Navitas will pay an initial US$2 million to secure the two option agreements.
From left: Eco Atlantic Chief Executive Officer (CEO) Gil Holzman, Minister of Natural Resources Vickram Bharrat and Chairman of Navitas Petroleum Gideon Tadmor.
The Canadian firm has been in talks with prospective partners for some time in relation to the farm-in of the Orinduik Block, for the next phase of exploration. The Orinduik option grants Navitas the right, within 12 months and upon paying an additional US$2.5 million, to farm-in to the Orinduik Block and taking up 80 per cent working interest and operatorship. It was explained that Eco’s remaining 20 per cent share will be fully carried for upcoming work, including drilling an exploration well or appraising the Jethro-1 and Joe-1 heavy oil discoveries. Also, the Orinduik carry is capped at US$11 million net to Eco, excluding mobilisation costs.
Eco has been assessing its Jethro-1 and Joe-1 discoveries, which are located in the lower and upper tertiary formations of the Orinduik Block. Both contain heavy oil, and Eco had been conducting further analysis to determine whether development is feasible.
The company previously noted that the proximity of the Orinduik Block finds to ExxonMobil Guyana Limited’s Stabroek Block, where the Government of Guyana recently approved a Petroleum Production License (PPL) for Exxon’s seventh project (Hammerhead) has renewed its interest in the Jethro discovery.
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Why are we dealing with Israeli companies knowing fully well of the Genocide being perpetrated by Israelis on Palestinians ? Their hands are covered in the blood of innocent civilians and babies.
Boycott them