Wednesday, February 8, 2023

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. 

Map shows the 14 blocks up for grabs in Guyana’s offshore licensing round


  • Contractor pays
  • +10% royalty
  • +10% corporate tax 

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

News and Updates

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Guyana seeking US$1.9 billion in work commitments for first offshore bid round

Guyana is targeting US$1.9 billion in commitments for its first offshore competitive licensing round, with safeguards to ensure contractors work swiftly and diligently. The bid round...