The Ministry of Natural Resources has extended the deadline for bid submissions in the Guyana 2022 Offshore Licensing Round to September 12, 2023.
The government is working to pass into law, its Petroleum Activities Bill 2023, which will establish a modern oil and gas regulatory framework. The bill underwent consultation and is expected to be laid in Parliament soon. Government is expected to pass the Bill before August 10 (when Parliament goes into a period of recess).
The draft model petroleum agreements are also being finalised.
The Guyana government seeks to capitalise on the global interest generated by the significant oil discoveries in the Stabroek Block since 2015. With 14 blocks, estimated to hold approximately 25 billion oil-equivalent barrels, open for auction, the nation is keen to promote exploration beyond the lucrative Stabroek Block.
