Total farms into Orinduik block in Guyana

Super-major Total has exercised its option to purchase a 25% working interest in the Orinduik block offshore Guyana for USD 12.5 million, local media reported Thursday.

The move follows partner Eco Atlantic Oil & Gas’ announcement that the block has estimated 2P reserves of 2.91 billion boe, including 2.5 billion barrels of recoverable oil and 69.4 bcm (2.45 tcf) of associated gas.

“We are absolutely delighted that Total […] has so quickly chosen to exercise its option to acquire a 25% stake in our Orinduik block to gain further exposure to offshore Guyana, currently one of the most exciting exploration areas globally,” Eco Atlantic CEO Gil Holzman said.

A drilling campaign has been scheduled to begin in Q3 2019 at the block, where 10 different leads have already been identified.

Tullow Oil operates Orinduik with a 60% stake, and Eco Atlantic’s share has been reduced to 15% as Total comes into the block. The French company paid USD 1 million last September for the option.