Guyana’s government still views Cybele Energy as committed to the country’s oil sector, even as the company’s overdue US$17 million signing bonus has forced the matter before the state’s legal team.
Minister of Natural Resources Vickram Bharrat told OilNOW that Cybele has already made investments in Guyana, including payments for license and environmental fees. But he said the government must also prepare for the possibility that the agreement may have to be suspended or terminated if the signing bonus is not paid.
Bharrat spoke exclusively to OilNOW on June 23 on the sidelines of the Suriname Energy, Oil and Gas Summit 2026 in Paramaribo.
“There’s no question. Absolutely no question about their commitment,” Bharrat stated.
He said Cybele has already employed several Guyanese, including a Guyanese country manager. He also noted that the company has paid about US$2.5 million in fees.
“So, they’ve already invested in Guyana,” Bharrat added.
The outstanding payment relates to Cybele’s signing bonus for the offshore Block S7. Cybele has cited legal, administrative, and transaction-related hurdles as Guyana awaits the overdue payment.
Bharrat said the issue is not whether Cybele wants to proceed. He said the company has had difficulty finding financially strong partners: “partners with a good balance sheet [and] resources,” he explained.
According to Bharrat, Cybele has been actively engaging potential partners, including major companies known to the government. He compared the situation to CGX Energy, which had also sought partners during the final year of its license.
But the minister said the government cannot leave the matter open indefinitely. He said the legal team is now handling the issue to protect the state if stronger action becomes necessary.
“At some point in time, we’ll have to make a decision, if no payment is made, to basically suspend or end the agreement with Cybele,” Bharrat said.
And he made clear that this is not the government’s preferred course.
“Quite honestly, we don’t want to go to that stage,” he said.
Bharrat said he had seen correspondence, copied to him by the legal team, in which Cybele committed to paying the full signing bonus in June.
He said the legal review is intended to guard against any challenge if the government has to withdraw from the agreement.
Bharrat said he remains hopeful that Cybele will honour its commitment.
“I’m still positive that they will pay the bonus. And we will move forward with this agreement that we have with them,” he said. “Because as Minister of Natural Resources, I wouldn’t want to see us go down that road. But if we have to, then we have no choice.”
