Guyana’s updated model oil contracts for release this month 

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A two-week period of consultation was recently concluded on the indicative terms and guidelines of Guyana’s first ever offshore licensing round, and the draft model petroleum agreements. The government plans to release the updated models this month. 

The deadline for submission of bids in the round has been extended to July 15, 2023, the Ministry of Natural Resources said Wednesday. July 19 – August 17, 2023 has been earmarked as the period for evaluation of bids, while August 9-28 will constitute a period of negotiation. The government plans to finalise contract awards on August 31, 2023. 

The Ministry said industry feedback underscored the extension of the round, officially launched December 9. 

The administration also recently concluded agreements with PGS Exploration (UK) Limited and CGG Data Services to reprocess additional 2D seismic data relevant to the blocks for tender. Recent data indicates the deepwater blocks on offer are highly prospective.  

Thus far, all 14 of Guyana’s offered blocks have received interest, with 25 billion barrels at stake.

ExxonMobil has substantially derisked the Guyana basin, having discovered 11 billion oil-equivalent barrels in the Stabroek Block.  Click here to get more details on the Licensing Round: https://oilnow.gy/glr2022/

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