Since 2015, more than 12 billion oil-equivalent barrels have been discovered in the prolific Stabroek Block of the Guyana-Suriname basin. This proven reserve supports the plans of ExxonMobil, Hess and CNOOC to place 7-10 floating production, storage and offloading (FPSO) vessels in the Stabroek Block. The exploration story at this acreage is one of the best and most unprecedented in the history of the petroleum industry. Now, to encourage a ramp-up of exploration outside of Stabroek, Guyana’s first ever offshore licensing round is underway. Guyana has placed 14 blocks on auction; three deepwater blocks and 11 shallow water blocks. Authorities estimate 25 billion oil-equivalent barrels are at stake.Â
NEW FISCAL TERMSÂ
- Contractor pays
- +10% royalty
- +10% corporate taxÂ
Schedule of Events
| Event | Date |
| Publication of indicative terms and guidelines | Dec 9, 2022 |
| Publication of Notice with blocks for tender and participation free on Official Gazette | Dec 9, 2022 |
| Opening of Data Room | Dec 12, 2022 |
| Start of process for expression of interest and payment of participation fee | Dec 12, 2022 |
| Consultation period on indicative terms and guidelines | Dec 12, 2022 – Jan 31, 2023 |
| Release of draft model contract | Feb 13 2023 |
| Consultation period on model contract | Feb 13-28 2023 |
| Publication of final terms of reference and model contract | Mar 8, 2023 |
| Submission of bids | Apr 14, 2023 |
| Evaluation of bids | Apr 14 – May 5, 2023 |
| Negotiation | May 8-26, 2023 |
| Award of contracts | May 31, 2023 |
| Â | Â |
