Tender: Guyana receives offers for 8 oil blocks

Inspenet, September 15, 2023.

The Guyanese Government has received proposals for 8 of the 14 oil blocks that were under tender and among the proponents is the American company ExxonMobil. The awards are planned to be made at the end of this year.

The bidding round, which concluded recently, included a total of 11 blocks in shallow water and 3 in deep water. So far, no details have been provided on which specific blocks generated interest among companies, the country’s media reported.

ExxonMobil, which already operates the sprawling Stabroek block, is among six companies that have submitted bids to develop one or more of the available blocks.

Other participants in the bidding process

Other companies that participated include SISPRO INC, led by national entrepreneurs and a consortium made up of Total Energies EP Guyana BV, Qatar Energy International E&P LLC and Petronas E&P Overseas Ventures SDN BHD of Malaysia.

Also submitting proposals were Delcorp Inc Guyana, along with Saudi companies Watad Energy and Arabian Drillers; Liberty Petroleum Corporation of the United States, Cybele Energy Limited based in Ghana; and International Group Investment Inc and Montego Energy SA.

The auction was announced in December 2022 with an original deadline that expired in April 2023, but was subsequently extended until June, then until July and finally until September 12.

Guyanese Vice President Bharrat Jagdeo noted that aspects related to carbon footprint reduction, security and data collection will be taken into consideration in the bidding for the 14 oil blocks.

A few months ago, the country’s authorities mentioned that companies such as Shell, Petrobras and Chevron had shown interest in this round of bidding. However, these companies ultimately chose not to submit bids .

Likewise, the nation houses total recoverable oil reserves that exceed 11,000 million barrels , which places it in 17th place worldwide and in third place in Latin America and the Caribbean in terms of oil reserves.

Since the discovery of oil fields off its coasts in 2015, international interest in this country has been increasing and its economy has become the fastest growing in the world, according to a recent report from the International Monetary Fund (IMF).


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