The Total building (Total HQ) in la Défense near Paris, France. Credit: I Tangopaso (talk)).

Total Petroleum’s wholly-owned subsidiary Total E&P Activités Pétrolières has triggered its option to acquire a 25% working interest in the Orinduik block offshore Guyana, from Eco Atlantic (Guyana).

Eco Atlantic is a subsidiary of Eco Oil & Gas, which holds licences in highly prospective regions in Namibia and Guyana.

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The company has exercised its option before it received the final 3D seismic data from Eco.

Completion of the deal is subject to the receipt of relevant regulatory approvals, including that of the Government of Guyana.

Once the transaction is closed, Total will have a 25% working interest in the Orinduik block offshore Guyana, which will be operated by Tullow Oil with a 60% interest. Eco Guyana will retain a 15% working interest in the block.

Under the terms, Total will pay $12.5m to Eco once all requisite approvals for the transfer of the 25% working interest are obtained.

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“Under the terms, Total will pay $12.5m to Eco once all requisite approvals for the transfer of the 25% working interest are obtained.”

Eco will use the proceeds from the option to meet its share of drilling costs on the Orinduik block, as well as to recover the expenses incurred on an expanded 3D seismic survey.

Eco Oil & Gas CEO Gil Holzman said: “The board believes the early exercise of the option by Total is an indication of Total’s confidence in the prospectivity of the Orinduik block based on the data it has received to date from Eco and Tullow Oil, the existing licence partners on the Orinduik block.

“With Tullow as operator and the technical contribution that both Total and Eco now bring to the project, we look forward to working with these two world class players in further progressing the exciting exploration of the Orinduik block.”

Earlier this week, Eco released a technical report on the Orinduik block, which indicated an estimated resource of three billion barrels of oil and gas across a total of ten leads.

The 1,800km² block is located in the shallow water of the prospective Suriname Guyana basin. Drilling is expected to commence in the third quarter of next year.