Guyana’s Ministry of Natural Resources has stated categorically that its actions concerning the country’s first-ever offshore licensing round are in full compliance with the law.
The statement follows reports from local publication, Kaieteur News, which suggested that the government is in breach of the newly enacted Petroleum Activities Act. Specifically, the newspaper noted that at the conclusion of the country’s bid round, the government did not publish details of applications for the licenses, as required by Section Nine of the Act.
Exxon’s bid in Guyana’s first licensing round shows potential of basin – Rystad Energy | OilNOW
Following the bid submission deadline of September 12, 2023, the government had released information concerning the number of bids submitted, and blocks receiving interest. Vice President Dr. Bharrat Jagdeo had said that the government would not give additional information about which blocks each bidder is vying for, or about the nature of the bids. He said the government would publish more information after the evaluation of the bids.
More transparency needed in Guyana’s maiden bid round – AMI analyst
The Ministry’s clarifying statement noted that the applications intended to be gazetted would be of the “most substantially responsible bidder(s)” for each block, rather than the bids submitted in the round. The key distinction here is between “bids” and “applications.” The bids from the offshore licensing round are preliminary. The Ministry said it would invite only the most substantially responsive bidders to submit applications for exploration licenses. Only these formal applications will be gazetted, as stipulated in the new Petroleum Activities Act 2023.
Ali, Jagdeo see response to Guyana’s first bid round as favourable, given new fiscal terms | OilNOW
Evaluation of bids was scheduled to occur from September 18 and October 6, 2023. Negotiations, scheduled for October 10 to 27, would be ongoing. Awards are scheduled for November 1.
