Cybele Energy says legal, administrative and transaction-related processes have taken longer than expected as Guyana continues to await payment of a signing bonus associated with the company’s offshore exploration licence.
The Ghanaian company issued the response after local media reports cited Natural Resources Minister Vickram Bharrat as saying that Cybele had not yet paid a US$17 million signing bonus tied to the S7 offshore block, despite the payment being due within 30 days of the December signing of its petroleum agreement with the government.
“Cybele Energy continues to advance the financial and transaction arrangements necessary to fulfil its obligations under the agreement,” the company said. “Certain legal, administrative and transaction-related processes have taken longer than initially anticipated, but they continue to progress.”
Cybele did not say when the payment would be made and did not address any penalties that may have accrued as a result of the delay.
The company said it remains engaged with Guyana’s Ministry of Natural Resources and is committed to fulfilling its obligations under the agreement and advancing the project in accordance with its terms.
The signing bonus formed part of Cybele’s bid for the block during Guyana’s first competitive offshore licensing round, which concluded in 2023. The payment remains outstanding more than five months after the agreement was signed.
Cybele’s Executive Chairman Beatrice Mensah Tayui has said the company sees more than 400 million barrels of recoverable resource potential at the block and targets oil production at 160,000 barrels per day (b/d).
Guyana is seeking to expand exploration and development activity beyond the prolific Stabroek Block, where a consortium led by ExxonMobil has discovered more than 11 billion barrels of oil equivalent and is producing over 900,000 b/d.
