document: Eco Atlantic, one of the partners in the Orinduik Block, offshore Guyana, has highlighted that the oil discovered in the Joe and Jethro discoveries could now be more attractive due to reduced supply from Venezuela, sources reported in early July 2020. Gil Holzman, CEO of Eco Atlantic, has pointed out that US sanctions on Venezuela have resulted in over 18 MMbo from Venezuela idling at sea being unable to find buyers. Holzman said, âThe outlook for (heavy) oil going from 2024 onwards is very promising. Many Gulf Coast and European and Chinese refineries are very thirsty for this kind of heavy oil and we see a narrowing supply due to the sanctions on Venezuelaâ¦We therefore forecast that the price for heavy oil will get better and betterâ. He followed up that there are positive indicators for the commercialization of the asset: âIn terms of its producibility, all the reservoir ingredients are very positive, the permeability and porosity are high. We have an overpressure in the reservoir and the temperature is high. It is now 94Â°C and that means the oil is mobile and the potential is there for it to flow to produceâ.Back in March 2020, Tullow admitted in its 2019 Annual Report that its Joe and Jethro discoveries "were ultimately disappointing with lower oil quality discovered than originally prognosed".Tullow had previously reported in November 2019 that the oil found in the Jethro and Joe discoveries, made in August and September 2019 respectively, was found to be heavy and highly sulphurous rather than the light oil discoveries made by ExxonMobil in the neighbouring Stabroek Block. Tullow warned that it was assessing the commercial viability of these discoveries (both estimated to contain over 100 MMboe of recoverable oil) and reviewing options following this development. Heavier oil is much less desirable as its more costly to extract and less valuable. On 12 August 2019, Tullow announced that it had discovered oil in the Jethro-Lobe 1 NFW. On 16 September 2019, Tullow announced the Joe 1 NFW as a play opening oil discovery on the Orinduik Block. Joe 1 is located less than 30km to the west of the Jethro-Lobe 1 well.Tullow Oil operates the block with 60% WI, Total holds 25% WI and EcoAtlantic holds 15% WI. On 29 July 2019 Qatar Petroleum entered into an agreement to acquire 10% WI from French supermajor Total in the offshore Orinduik and Kanuku blocks in Guyana. The deal is still thought to be pending approval. 
summary: Guyana (Guyana B.) Eco Atlantic, one of the partners in the Orinduik Block, offshore Guyana, has highlighted that the oil discovered in the Joe and Jethro discoveries could now be more attractive due to reduced supply from Venezuela, 