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.

Offshore staff

TORONTO – 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.

09/17/2018

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