A verification process of the oil block awardees is being undertaken before the final sign-off, said Vice President Bharrat Jagdeo on Jan. 11.
Asked for an update on the auction, Jagdeo shared that the firms were asked to submit additional information, due at the end of this month.
“We assessed the proposals on the basis of a number of criteria. Our consultants did too. So, now we have to verify what [was] in those proposals. We rank them based on what people said and then we decided to award but [for] the final sign-off, we have to do the due diligence to see what was in the proposal, that the companies can meet those obligations and they have the wherewithal to address those issues. That is where we are now,” he explained.
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The oil auction, the country’s first such initiative, concluded with eight out of the 14 blocks being awarded – two in deep water and six in shallow water.
The winners are as follows:
S4 – TotalEnergies, Qatar Energy, and Petronas
S3 – Sispro Inc.
S5 – International Group Investment Inc. and Montego Energy
S7 – Liberty Petroleum Corporation and Cybele Energy
S8 – ExxonMobil, Hess, and CNOOC
S10 – International Group Investment Inc. and Montego Energy
D1 – Delcorp Inc., Watad Energy and Arabian Drillers
D2 – Sispro Inc.
Guyana is expected to receive more than US$100 million in signing bonuses. Contracts will be signed this quarter. The government had set minimum bids at US$10 million for each of the shallow water blocks and US$20 million for the deepwater blocks in the ultra-deep Area C. Guyana’s Natural Resource Fund is expected to be the repository for the signature bonuses.
