In 2022, the Government of Guyana launched an oil and gas licensing round for the open acreage of oil and gas blocks within its territory. The fiscal terms, technical and financial requirements, and draft Petroleum Agreements (PSAs) were made publicly available to potential bidders as part of the process, encouraging bids from qualified entities. Of the total available blocks, spanning both deep and shallow water depths, eight (8) blocks received bids which were duly reviewed, with evaluations conducted in accordance with international best practices and the terms outlined in the bid round documents. Following the review process, the bidders demonstrating the most sustainable and responsive proposals were shortlisted and engaged, to award blocks and grant licenses and PSAs, this information was made public.
In this regard, we consider it very mischievous to see news articles, by NEWSSource titled “Government Tightlipped On Companies To Sign New PSA For Offshore Oil Blocks”, claiming that the relevant information was not being shared. On the contrary, this process has been transparent, with ongoing public engagement. The most substantially responsive bidders have been publicly announced, and the process is currently in its final stages, with the awardees expected to be formalised soon. When the regulatory process is completed, a press event will be held to mark the signing of the PSAs, ensuring that the public remains informed throughout the process.
Whilst the process is ongoing for all the blocks, at this stage a minimum of four (4) PSAs are expected to be completed and signed for the year 2025. These include blocks S4 – TotalEnergies, Qatar Energy, and Petronas; S5 – International Group Investment Inc.; S7 – Cybele Energy; and S10 – International Group Investment Inc.
The GoG recognises the significant public interest in this sector and remains committed to ensuring that the development of the oil and gas industry is conducted in a manner that is both transparent and beneficial to the country as a whole. The GoG further encourages the public to stay tuned to its website [https://petroleum.gov.gy/] for further updates and information.
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