Eco Oil and Gas Limited says that there was no “flipping” when it sold a percentage of its shares in the offshore Orinduik Block to French oil and gas company, Total and that it is committed to the holistic development of this country.
“We didn’t “flip” anything to Total (one of the world’s biggest oil super majors). All we did is to sign an option according to which Total will earn 25% stake in the block in return for covering our costs of drilling at least 2-3 exploration wells over the block,” Chief Executive Officer of Eco, Gil Holzman told Stabroek News, via email.
“We do not take the money into the company’s pockets – we actually put it to work and drill at least 2-3 wells offshore your country, in a hope to find some more oil for you that the people of Guyana will benefit from greatly under our Production Sharing agreement with your government,” he added.
