Relinquished portion of Stabroek Block for gov’t-to-gov’t partnerships – VP

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Guyana’s Vice President, Dr. Bharrat Jagdeo says ExxonMobil Guyana is set to relinquish a portion of the 6.6 million acres Stabroek Block and this will be used to facilitate the government’s planned direct partnerships.

“Next year, ExxonMobil will have to give up 20% of their holdings. So, all of those will be available for some form of bilateral engagement, where we can actually see joint production or exploration-related activities,” he said.

It will add to the oil blocks the government set aside that are not being offered in the ongoing licensing round.

In the auction, Guyana has 14 blocks up for grabs. The Vice President made it clear that a maximum of “three blocks” will be awarded to each investor.

Interest in the direct bilateral agreements has been high for Guyana.

Brazil, Qatar and Kuwait are eager to partner with South America’s rising oil star.

The United Arab Emirates (UAE) and India also have their eyes on a similar deal.

And the government seems to have been focusing on India. This formed the basis for the VP’s visit on Feb. 26. 

“We also explored the possibility of India examining the abundant resources that we have had outside of those that are on auction now,” said Jagdeo.

In January, Guyana’s President, Dr. Mohamed Irfaan Ali met with India’s Minister of Petroleum and Natural Gas, Hardeep Singh Puri.

The VP is now reviewing a long-term deal which spans increased long-term offtake, participation in exploration and production activities in Guyana, technical cooperation in the midstream and downstream sectors and capacity building.

The start-up of the Prosperity production vessel at the Payara development could see this deal activated.

Click here to get more details on the Licensing Round: https://oilnow.gy/glr2022/

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