Guyana pushes deadline on licensing bid round

GEORGETOWN, April 17, 2023 – Guyana has decided to extend the deadline for its highly anticipated oil and gas bid round to mid-July, the country’s Ministry of Natural Resources announced on Wednesday.

The move is due to the government’s goal to revitalise its PSA scheme and 1986 Petroleum (Exploration and Production) Act.

Additionally, reprocessing of 2D seismic data relevant to the blocks has recently been completed with geoscience entities PGS Exploration (UK) and CGG and will be available to participants.

Guyana launched its first offshore hydrocarbons bid round in December 2022, with 14 blocks on offer.

The concessions include 11 shallow-water and three deepwater blocks.

The shallow-water assets are located in the Guyana-Suriname basin adjacent to the prolific Stabroek block in which ExxonMobil has encountered 11 billion boe in recoverable resources.

The deepwater concessions lie northeast of the Canje block and east of the Kaieteur block.

Concessions on offer range between 1,000 square kilometres and 3,000 square kilometres, with an average of 2,000 square kilometres.

The round has attracted the interest of at least 10 companies including Chevron, Shell and Petrobras.

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