Beatrice Mensah Tayui, Executive Chairman of Ghana-based Cybele Energy, said the company is targeting production of 160,000 barrels of oil per day at Guyana’s S7 Block, and sees more than 400 million barrels of recoverable resource potential.
Mensah‑Tayui was delivering remarks at the fifth edition of the Guyana Energy Conference and Supply Chain Expo, which opened on February 17 at the Marriott Hotel.
She outlined the company’s plans during a presentation on its shallow water acreage offshore Guyana.
“In terms of where do we go from here, we’re actively in our exploration period…We’re going to commence pre-drilling technical work and well planning operations,” she said. “We’re targeting our first well within the next 18 months, hopefully, with all of course, this would be subject to approvals as well as rig availability.”
Cybele Energy Ltd, a female-owned oil and gas company in the West African country, is the latest independent entrant into Guyana’s offshore energy sector.
The company was awarded Block S7 in 2023 by Guyana’s Ministry of Natural Resources, marking its first foray into the Latin American and Caribbean energy sector.
This Petroleum Exploration License (PEL) and petroleum agreement are the second to be signed under the Guyana government’s new fiscal regime. It entails a 10% royalty rate, a 10% corporate tax and a lowered cost recovery ceiling, while profit sharing remains a 50/50 split between the government and contractors.
Block S7 is located 50 kilometers from ExxonMobil’s Liza 1 & 2 fields with an oil fairway that runs towards Guyana’s neighbor, Suriname.
Mensah-Tayui said the company is engaging regulators and stakeholders in an effort to strengthen environmental safeguards.
“Cybele Energy is committed to conducting its operations in Guyana with the highest standards of environmental responsibility and stewardship… We’re working closely with the regulators, communities and environmental partners to ensure compliance, transparency and continuous improvement,” she said.
She further pointed to existing data coverage. “3D seismic data covering the Repsol discovery is located only three kilometers immediately to the north of Block S7 and it covers 20% of Block S7. The Exxon-led exploration has established Guyana as a world-class petroleum province with extensive upstream infrastructure and operating precedence,” she stated.
