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Eco (Atlantic) Oil & Gas Ltd V.EOG

Alternate Symbol(s):  ECAOF

Eco (Atlantic) Oil & Gas Ltd. is a Canada-based oil and gas exploration company with offshore licensed interests in Guyana, Namibia, and South Africa. The Company operates a 100% working interest in the 1,354 square kilometers (km2) Orinduik Block in Guyana. The Orinduik Block is situated in shallow to deep water (70m-1,400m), approximately 170 kilometers (km) offshore Guyana in the Suriname Guyana basin. The Company holds operatorship and an 85% working interest in four offshore petroleum licenses in the Republic of Namibia, being petroleum exploration licenses (PELs) 97 (the Cooper License); 98 (the Sharon License); 99 (the Guy License); and 100 (the Tamar License), representing a combined area of approximately 28,593 km2 in the Walvis Basin. In South Africa, the Company holds an approximately 6.25% working interest in Block 3B/4B and pending government approval of a 75% operating interest in Block 1, in the Orange Basin, totaling some 37,510km2.


TSXV:EOG - Post by User

Post by Devanand1on Jan 12, 2022 7:09am
218 Views
Post# 34306929

Guyana in company of Norway, Brazil; emerging as growing dee

Guyana in company of Norway, Brazil; emerging as growing dee

For a country with no known oil resources just over six years ago, Guyana has emerged as a growing giant in the deepwater arena, catapulting to number 17 on the top 20 list of countries by oil reserves and well on its way to becoming the largest oil producer per capita in the world.

From North and South America to the United Kingdom, analyst around the world now have Guyana listed among the top three countries for deepwater expansion. Projections on output could see the newcomer moving into the elite group of top producers in Latin America and becoming the 23rd largest oil producer in the world.

With global oil and gas investments set to expand by $26 billion this year, Guyana is on course to sanction its largest project yet at Yellowtail, adding a massive 250,000 barrels of oil per day to its output, ramping up total production to more than 800,000 bpd by mid-decade.

Natural resources minister Vickram Bharrat told OilNOW with Yellowtail producing Guyana can expect to touch about 50 oil lifts per year.

“So, when you crunch the numbers, 50 lifts at a million barrels and based on the oil price today if it continues along that trend, you can see or get an idea of the direct proceeds coming to Guyana…And we are not even talking royalties yet,” he said.

And this is just the beginning. The South American country will surpass the one million barrels per day mark by 2030, becoming just the 11th nation in oil’s history to hit this milestone.

ExxonMobil Senior Vice President of Upstream, Neil Chapman, told investors in March that the billions of barrels of oil equivalent resources the company has discovered so far offshore Guyana is only the tip of the iceberg.

“It’s still early days in the programme but we continue to be very encouraged, and we estimate the resource potential of the basin to be more than double what we’ve already discovered,” he pointed out.

Analysts say the final basin resources at Stabroek Block could be approximately 25 billion barrels. That’s a 30–40-year reserve life at 2.1 million barrels/day.

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