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The Government, through Minister of Natural Resources,China Jerseys Wholesale, Raphael Trotman,cheap nfl jerseys, last Thursday signed a Petroleum Prospecting Licence and Production Sharing Agreement with the joint venture team of Tullow Guyana B.V. and Eco (Atlantic) Guyana Inc. for a small concession of 1801sq. km, called the Orinduik Block, just offshore Guyana.John McKenna of Tullow Oil signs the agreement as Minister of Natural Resources, Raphael Trotman (centre), British High Commissioner to Guyana,Wholesale China Jerseys, Greg Quinn (left) and Newell Dennison, acting Commissioner, GGMC (standing) look on.The concession is reportedly close to that of ExxonMobil,Cheap Jerseys From China, which recently announced that it has discovered oil.The agreement, according to the Ministry of the Presidency yesterday, is a 10-year licence, with a work programme involving a geological and geophysical evaluation which will inform a 3D seismic acquisition.John McKenna, Exploration and Business Unit Manager, South America and Colin Kinley, Eco’s Chief Operating Officer, signed respectively for Tullow and Eco.British High Commissioner to Guyana, Greg Quinn, also attended the simple signing ceremony that marked the continuation of a longstanding partnership with Tullow and the Government of Guyana.Tullow is a prominent company from the United Kingdom, with operations in Africa, and is currently in another joint venture with Repsol Exploracion Guyana Inc. in the adjacent Kanuku Block. Eco Atlantic is a junior independent company with Canadian origins.Eco Atlantic in a separate statement said that it will hold a 40 percent working interest in the block and Tullow, as operator, will hold the remaining 60 percent. Tullow will reimburse Eco Atlantic for part of its costs in relation to the application of the Block licence and will partially carry Eco Guyana for the future 3D programme.The location of the Orinduik Block.In total,Cheap Jerseys From China, the licence term of the Exploration Period is for 10 years. The decision to drill and to complete the first exploration well must occur within the first renewal period in years five and six.The block, Eco Atlantic said,Claudio Bravo Jersey, is located in the Suriname-Guyana basin in shallow waters, and is located close to Exxon Mobil Corporation’s recently announced “Liza” discovery (the “Exxon Discovery”). Exxon Mobil announced in May 2015 that the Exxon discovery well encountered more than 90 metres of high-quality oil-bearing sandstone reservoirs. The well reportedly holds the equivalent of more than 700 million barrels of oil.Colin Kinley, COO and Director of Eco Atlantic commented:“We very much appreciate the award of the Orinduik Block licence by the Government of Guyana and the signing of the Petroleum Agreement. We have worked diligently for the last 18 months on this initiative and are very encouraged by the Liza discovery at Exxon’s Stabroek block, located only a few kilometres away.Tullow has been very active regionally for a number of years and has had good success in developing a proven model of the basin. Tullow, a leader in this type of frontier basin development, is our good partner in Namibia as well as our neighbour in Ghana. We are both advanced in our understanding of the Block, share a common objective and we are pleased to have them as the operating partners in Guyana.”Despite a 13-year low world price for oil now, Guyana badly wants oil, as it is currently spending billions to import to meet energy needs, including power and transportation.
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