Eco Atlantic says Hammerhead may fuel heavy oil build-out offshore Guyana

Last Updated on Friday, 24 October 2025, 20:42 by Writer

Reproduced from BNAmericas

The US$6.8 billion seventh phase of Guyana’s Stabroek offshore block has the potential to spur heavy oil development.

In an interview, Eco (Atlantic) Oil & Gas president and CEO Gil Holzman highlighted the sanctioning of the Hammerhead phase by ExxonMobil, which “proved that they can develop and make economic a heavy oil discovery.”

Eco Atlantic holds a 100% working interest in neighboring block Orinduik, where oil discoveries were made at the Jethro-1 and Joe-1 wells in 2019.

“Until now, the six projects that Exxon had in Guyana were light oil Cretaceous discoveries…the Hammerhead development decision took us to take a fresh look into the Jethro-1 1-billion-barrel oil discovery,” Holzman said.

“Together with the government, we are in discussions to potentially re-evaluate and recall the non-commercialization notice that Tullow gave to the government and to have a fresh look into a potential heavy oil development,” he added. Tullow was Orinduik’s previous operator.

The executive attributed a longer-than-expected farmout for Orinduik to this latest development, explaining that the initial search was for a partner to drill the light Cretaceous.

In Guyana, Eco Atlantic also holds a stake in the Canje block, which also borders Stabroek.