From the Field
Total Guyana farm-in closes
GEORGETOWN, November 29, 2018 – Total’s purchase of a 25% stake of the Orinduik block offshore Guyana for USD 12.5 million has closed, seller Eco Atlantic Oil & Gas announced on Wednesday.
Total purchased a USD 1-million option to farm into the block in September 2017 and exercised it in September 2018, after Eco Atlantic announced estimates that the block has 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.
The news came as Guyana’s government earmarked USD 43 million for energy investments, BNAmericas reported.