Israeli exploration and production company Navitas Petroleum has signed a deal giving it an exclusive option to farm-in to Guyana’s Orinduik Block, marking the first major partnership move for Eco (Atlantic) since previous operators and partners exited the acreage.
Eco said Navitas shall pay US$2 million in the deal, which allows Navitas to decide within 12 months whether it will acquire an 80% operating stake in the Orinduik, as well as an option regarding a block in South Africa. If exercised, Navitas would pay a further US$2.5 million and take over operatorship of Orinduik, carrying Eco’s remaining 20% interest through initial appraisal or exploration work, including possible drilling on the Jethro-1 and Joe-1 heavy-oil finds.
The option deal forms part of a wider strategic partnership between the two companies covering Guyana and South Africa. It gives Navitas a pathway into the block without immediately committing to a full farm-in.
The Orinduik Block has shifted hands over the past two years. Tullow Oil, which had drilled the Jethro and Joe wells in 2019, relinquished operatorship and exited in 2023. TotalEnergies and QatarEnergy followed in early 2024, divesting their respective interests. Their departures left Eco in full control of the block, but also in search of a deep-pocketed partner to advance appraisal of the two discoveries and test new prospects.
Eco has said the Navitas partnership strengthens its ability to pursue a meaningful work program, including potential appraisal of the heavy-oil discoveries that have remained undeveloped since 2019.
Navitas would become an operator only if it exercises the option and obtains regulatory approvals. The two companies plan a joint visit to Guyana later this month to advance discussions on future work on the acreage.
President and Chief Executive Officer of Eco Atlantic, Gil Holzman, said in a brief comment, “We believe this partnership paves the way for our planned exploration and appraisal programs on the [Orinduik] block towards commercialisation, which will be carried and operated by Navitas.” He added, “It will serve as a high-impact catalyst for the company.”