(Kaieteur News) – Canadian firm, Eco (Atlantic) Oil & Gas says it is making “strong progress” in negotiations with the Government of Guyana through the Ministry of Natural Resources for a new Production Sharing Agreement (PSA) for the offshore Orinduik Block.

In a statement this week, Eco noted that itself and its partner Navitas Petroleum LP, an Israeli company is in talks with the ministry to secure a new oil deal. The company also said that it expects that the negotiations for the new PSA to be completed during the third quarter of 2026.

The update follows statements by Minister of Natural Resources, Vickram Bharrat who had confirmed that the Orinduik prospecting licence, which expired on January 14, 2026, was not extended. “They have to apply for new licence under the new PSA,” Minister Bharrat said.