Set to redraw the nation’s offshore oil map
Guyana has signed new Production Sharing Agreements (PSAs) for two shallow-water offshore oil blocks. These are the first awards from the country’s inaugural competitive auction and serve as an early test of a stricter fiscal regime aimed at increasing the state’s revenue and diversifying the number of operators in the basin
Block S4 was awarded in November to a consortium led by France’s TotalEnergies, alongside QatarEnergy and Malaysia’s Petronas. In December, Ghanaian firm Cybele Energy secured Block S7, becoming the first African-led operator in Guyana’s offshore and the first woman-led exploration and production company to win a block outside Africa
If exploration on S4 and S7 yields commercial discoveries, the projects would broaden the set of producing operators offshore Guyana and push more volumes under the stricter fiscal terms. For now, the focus is on studies. (Click here to read more)
