Eco Atlantic Oil & Gas, under the leadership of its Chief Executive Officer (CEO), Gil Holzman, is engaged in finalizing a farmout deal for its Guyana offshore block, Orinduik. The announcement came during a recent investor presentation where Holzman revealed that discussions are currently underway with nine potential partners.
The primary objective of this initiative is to farm-out 80 percent of the Orinduik block, underscoring Eco’s commitment to pursuing high-impact prospective opportunities rather than focusing solely on production assets. While Holzman refrained from disclosing specific names due to confidentiality agreements, he hinted at negotiations with prominent industry players, describing them as “very big” companies.
The Orinduik block, situated 170km off the coast and intersecting with the renowned Stabroek block, boasts an expansive area covering 1,354km2 and has already witnessed two confirmed discoveries.
Eco’s recent advancement in the Orinduik block gained momentum in November 2023 when the company secured approval from the Guyanese government to acquire Tullow Oil’s 60 percent interest in and operatorship of the offshore asset. The transaction, initially announced in August, entailed Eco making an upfront payment of US$700,000 to Tullow, along with contingent considerations.
The terms were that upon the completion of the transfer, Eco will assume operatorship, while Total Energies (TOQAP) Guyana will retain a 25 percent stake, solidifying Eco’s position in the region’s energy landscape.
Presently, Eco’s commitment to exploration expenditure for the Orinduik block stands at US$30 million as of January 2026. This financial allocation corresponds to the second phase of the second renewable period for the license, with Eco’s share amounting to US$22.5 million. The second phase encompasses a commitment to drill one exploration well before the license expires on January 13, 2026, with ongoing activities including geological modeling, 3D reprocessing, and prospect maturation to delineate the optimal drill target.
In addition to its endeavors in the Orinduik block, Eco holds an indirect stake in the Canje offshore block, further solidifying its presence and strategic positioning in Guyana’s burgeoning energy sector.
With its current approach to partnership cultivation and steadfast commitment to unlocking the region’s vast hydrocarbon potential, Eco Atlantic Oil & Gas said it continues to chart a course towards sustainable growth and value creation in Guyana’s offshore exploration arena.
