Total commits to offshore Guyana exploration venture
Total has taken up an option to acquire a 25% interest from Eco (Atlantic) Oil & Gas in the Orinduik block offshore Guyana.
This was ahead of delivery to Total of final 3D seismic data over the block, which would have triggered a 120-day window for the option.
Subject to receipt of all regulatory approvals, Tullow will continue to operate the block with a 60% interest, with Eco Guyana holding 15%.
Total will then pay Eco (Atlantic) an agreed fee of $12.5 million which should cover the latter’s share of costs of at least two wells, and past commitments for the 3D survey.