Total pays $1m for option on quarter stake in block offshore Guyana

Total pays $1m for option on quarter stake in block offshore Guyana

French energy giant Total has taken out an option for a quarter stake in an oil block offshore Guyana, according to Reuters.

Total paid Canadian firm Eco Atlantic Oil & Gas $1m for the option, giving the French firm the first rights to purchase the 25% share of the Orinduik block for a further $12.5m if they so choose.

If Total opts for the full share it would drop Eco Atlantic’s stake to 15%. London-based Tullow Oil is the biggest partner with 60%.

The waters off Guyana (a former British colony in South America) have been a focal point for exploration since ExxonMobil’s 2015 discovery of the huge Liza field in the Stabroek Block.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.

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