Latest update January 19th, 2026 12:30 AM
Canadian, Israeli firm in talks with Govt. for extension of Orinduik Block
(Kaieteur News) – Canadian firm, Eco Atlantic is in talks with the Ministry of Natural Resources on the continuation of its appraisal and exploration activities on the Orinduik Block, as the licence for the offshore area has reached the end of its second renewal term.
In a recent update, Eco disclosed that the Orinduik licence expired on January 14, 2026, but noted that provisions under the Petroleum Act allow it to retain rights to its Jethro-1 and Joe-1 discoveries while its appraisal programme is under review.
The company said it is working alongside its partner Navitas Petroleum LP, an Israeli company in what it described as “ongoing, constructive discussions” with the ministry regarding the way forward for the block.
According to Eco, the Ministry of Natural Resources and the Guyana Geology and Mines Commission (GGMC) have already received the relevant joint submissions in relation to the proposed appraisal work. Eco and Navitas said that they are pursuing a path that would be acceptable to the government while preserving value for shareholders.
Gil Holzman, president and chief executive officer of Eco Atlantic, commented, “We continue to engage constructively with the Government of Guyana and our partners as we work through the next phase of our exploration and appraisal work in the basin. Our focus remains on preserving access to existing discoveries, progressing appraisal activity, and evaluating opportunities to enhance the block configuration in a manner that is aligned with both shareholders’ values and as importantly Guyana’s Government national objectives.”
Minister of Natural Resources, Vickram Bharrat when contacted, confirmed that the licence has come to an end and that government is in talks with Eco and Navitas on the way forward.
The update follows meetings last month between Minister Bharrat and senior executives of Navitas Petroleum, including its Chairman Gideon Tadmor.
Late last year, 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.
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 and 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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