‘No new oil deal as yet for Orinduik Block’ - Canadian company

(Kaieteur News) – Canadian oil and gas company Eco (Atlantic) Oil & Gas says negotiations with the Ministry of Natural Resources for a new Production Sharing Agreement (PSA) for the offshore Orinduik Block are progressing well, despite the company’s earlier expectation that a deal would be secured by September.

The Orinduik prospecting licence expired on January 14, 2026, and Natural Resources Minister Vickram Bharrat has made it clear that Eco Atlantic must apply for a new licence under the current PSA framework.

According to Eco, for months, itself and partner Navitas Petroleum LP, an Israeli company have been in talks with the ministry to secure the new PSA. While Eco had expected the negotiations for the new PSA to be completed by September, Minister Bharrat on Wednesday confirmed that no new PSA has been issued to Eco Atlantic as of date.