THE Ministry of Natural Resources is poised to release more petroleum agreements; this time, those of Tullow Oil and Eco-Atlantic Oil and Gas, Inc.

This newspaper was reliably informed that the contracts for the two companies will be released today. In the past weeks since the ExxonMobil contract was released in late December 2017, Government has released Petroleum Agreements for CGX Resources Inc. and Ratio Guyana Limited. The contract documents will be available on the Department of Public Information’s website www.dpi.gov.gy and the Ministry’s website: www.nre.gov.gy
In January 2011, Eco (Atlantic) Oil and Gas, Inc. was incorporated as Eco Oil and Gas Limited, a small independent international oil and gas exploration company based in Toronto, Canada. Eco (Atlantic) Oil and Gas, Inc. has a 40% interest in the Orinduik Block offshore Guyana in a joint venture partnership with Tullow Oil which has 60%. The joint venture partnership is awaiting the completion of processing of 3D seismic surveys which were completed in early September 2017. Drilling is expected to commence by 2019.
Tullow Oil is a leading independent oil and gas exploration and production company which has interests in 90 exploration and production licences across 16 countries in East Africa, West Africa and South America (Guyana and French Guiana).

Eco Atlantic in January 2016, signed a Petroleum Agreement and is party to an Offshore Petroleum Licence with the Government of Guyana and Tullow Oil for the Orinduik Block, with an area of 1800 km². It is situated in shallow water, 170 km offshore Guyana in the Suriname/Guyana basin.

It was announced in September 2017 that Eco Atlantic (Guyana) Inc. entered into an option agreement on its Orinduik Block with French supermajor Total. This means that when the processing of the seismic data is completed, based on the results thereof, Total may exercise the option to take 25% stake of the Orinduik block, reducing Eco’s share to 15%.