UK petroleum company, Tullow, yesterday announced the discovery of oil in commercial quantities in the Orinduik Block, underlining the vast resources in the Guyana Basin and increased projected wealth for the country.
Tullow Oil Plc is the operator of the block via its wholly-owned subsidiary Tullow Guyana B.V. and has as its partners French oil major Total, Canadian company Eco Atlantic (Guyana) Inc and Qatar Petroleum in an arrangement that is still to be clarified with local authorities.
Tullow holds 60%. Eco Atlantic originally held 40% but now has 15% after a deal in which Total exercised an option for 25%. Last month it was announced that Qatar Petroleum had supposedly struck a deal for 40% of Total’s 25% stake or 10%.
