The GDP of a small and poor country is rapidly growing.
The seventh phase of development of the Stabroek block off the coast of Guyana, valued at $6.8 billion, could boost heavy oil production. In an interview, Gil Holtzman, president and CEO of Eco Atlantic Oil & Gas, noted the approval of the Hammerhead project by ExxonMobil, which "proved the feasibility of economically viable development of heavy oil fields."
Eco Atlantic owns a 100% stake in the adjacent Orinduik block, where oil fields were discovered at the Jethro-1 and Joe-1 sites in 2019.
"So far, all six Exxon projects in Guyana have involved light oil fields from the Cretaceous period... The decision on Hammerhead made us reconsider the discovery at Jethro-1 with reserves of 1 billion barrels" (approximately 6.3 million tons), Holtzman stated.
"We are negotiating with the government regarding a possible revision of the notice of non-commerciality that was previously submitted by Tullow, and we are exploring the prospects for heavy oil production," he added. Previously, Tullow was the operator of Orinduik.
The head of Eco Atlantic linked the prolonged search for a partner for Orinduik to this new development, explaining that negotiations were initially focused on drilling in areas with light oil from the Cretaceous period.
In addition, Eco Atlantic holds a stake in the Kanje block, which also borders Stabroek.
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