Page 9 - LatAmOil Week 12 2022
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LatAmOil GUYANA LatAmOil
The office described the oil found in The Guyana Geology and Mines Commis-
Karanambo-1 as high-quality light crude with a sion (GGMC) has reported that the Takutu
specific gravity of 42 degrees API and a sulphur basin is characterised largely by naturally frac-
content of less than 0.5%. But at this point, it is tured reservoirs, meaning that commercially
not clear how much oil is present or whether viable reserves may be more difficult to find,
development will be economically viable. OilNOW.gy noted on March 24.
Eco Atlantic revises CPR to cover all assets
offshore Guyana, Namibia, South Africa
UK-BASED Eco (Atlantic) Oil & Gas said on
March 21 that it has revised its competent per-
son’s report (CPR) to reflect its recent acqui-
sition of Azinam Group, which holds equity
stakes in a number of blocks offshore South
Africa and Namibia.
The new CPR, which was drawn up by WSP
USA, an independent third-party auditor based
in Boulder, Colorado, includes Eco Atlantic’s
entire portfolio, encompassing acreage offshore
Guyana, Namibia and South Africa. It covers
both liquid and gaseous hydrocarbons and
divides the acreage into higher and lower-risk
categories.
In a statement, Eco Atlantic said that the new
CPR’s best estimate for the total reserves of the
Orinduik block, located offshore Guyana, was Eco Atlantic has found heavy crude oil at Orinduik (Image: Eco Atlantic)
4.537bn barrels of crude oil and liquids and
3.626 trillion cubic feet (102.7bn cubic metres) Eco Atlantic’s higher risk fields – Cooper,
of gas. The best estimate of Eco Atlantic’s net Guy and Sharon – were all located offshore
share of the total amounts to 681mn barrels of Namibia. According to the revised CPR, the best
crude oil and liquids and 544bn cubic feet (15.41 estimate for their total oil reserves amounted to
bcm) of gas. Orinduik is classified as a lower-risk 507mn barrels, 4.924bn barrels and 2.212bn
asset. barrels, with 431mn barrels, 4.185bn barrels and
Meanwhile, the CPR’s best estimate for the 1.88bn barrels net to Eco Atlantic respectively.
total reserves of the Cooper block, located off- The best estimate for their total gas reserves
shore Namibia, was 245mn barrels of crude oil came to 496 bcf (14.05 bcm), 4.812 trillion
and liquids and 240 bcf (6.8 bcm) of gas. The cubic feet (136.3 bcm) and 2.176 trillion cubic
best estimate of Eco Atlantic’s net share of the feet (61.62 bcm), with 422 bcf (11.95 bcm), 4.09
total amounts to 209mn barrels of crude oil and trillion cubic feet (115.8 bcm) and 1.849 tril-
liquids and 204 bcf (5.78 bcm) of gas. Cooper is lion cubic feet (52.36 bcm) net to Eco Atlantic
classified as a lower-risk asset. respectively.
As for Block 2B, located offshore South Colin Kinley, Eco Atlantic’s co-founder and
Africa, the CPR’s best estimate for total reserves COO, commented: “With our current strategy
is 491mn barrels of crude oil and liquids and for increasing our stakeholder asset base, we
73 bcf (2.07 bcm) of gas. The best estimate of have focused solely on strategic acquisitions
Eco Atlantic’s net share of the total amounts to that can add material and near-term growth
246mn barrels of crude oil and liquids and 37 and catalysts for the company. The addition of
bcf (1.05 bcm) of gas. Block 2B is classified as a the Azinam assets in Namibia and South Africa
lower-risk asset. have quickly added prospective resources to our
For Block 3B/4B, also located offshore South portfolio. As we work towards the completion
Africa, the CPR’s best estimate for total reserves of our recently announced binding term sheet
is 3.088bn barrels of crude oil and liquids and to acquire JHI’s 17.5% interest in the Canje
1.36 trillion cubic feet (38.51 bcm) of gas. The Block offshore Guyana plus the maturation of
best estimate of Eco Atlantic’s net share of the additional resources currently being interpreted
total amounts to 618bn barrels of crude oil from ongoing 3D processing in Block 3B/4B, we
and liquids and 272 bcf (7.7 bcm) of gas. Block expect to see even further growth of the portfo-
3B/4B is classified as a lower-risk asset. lio from here in the coming months.”
Week 12 24•March•2022 www. NEWSBASE .com P9
