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Guyana may be willing to ease some ‘penalties’ in new oil contracts

OilNOW -
As Guyana considers a second auction of offshore oil exploration licenses, the government may be open to easing some terms in its model petroleum contracts, to attract more investors.  During a Thursday press conference, Vice President Bharrat Jagdeo explained that...
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Oil contract terms key to Exxon’s multi-billion U.S. dollar investments in Guyana 

OilNOW -
The fiscal regime of the Stabroek Block Production Sharing Agreement (PSA) continues to be a key factor behind ExxonMobil's decision to continue investing billions of U.S. dollars into Guyana. So says Vice President and Business Services Manager at ExxonMobil Guyana...
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“Cannot go back and renegotiate” – Pres. Ali reaffirms Guyana’s position on oil contract sanctity

OilNOW -
In a recent interview with the BBC's Gideon Long, Guyana’s President Dr. Mohamed Irfaan Ali reaffirmed his government's position of upholding the Stabroek Block Production Sharing Agreement even as calls persist for the renegotiation of the 2016 deal with...
News

Guyana’s updated model oil contracts for release this month 

OilNOW -
A two-week period of consultation was recently concluded on the indicative terms and guidelines of Guyana’s first ever offshore licensing round, and the draft model petroleum agreements. The government plans to release the updated models this month.  The deadline for...
News

Here’s a factsheet about Guyana’s draft model oil contracts

Kemol King -
Guyana’s ongoing offshore licensing round offers 14 blocks - 11 in the shallow water, and three in the deep. The draft model contracts will govern new licenses to be issued to winning bidders, and existing deals outside of the...
News

Guyana adds unitisation clause to oil contracts

OilNOW -
Guyana’s new offshore model petroleum agreements have added a unitisation clause to treat with reservoirs that straddle multiple contract areas, or that straddle a contract area and an open area.  The clause dictates that a Contractor shall notify the Minister...
News

New Guyana oil contracts looking to set stricter path to final investment decisions

Kemol King -
With Guyana’s draft model petroleum agreements now in the public domain, it is clear that the government is seeking to encourage international oil companies (IOCs) to commit to development of commercial discoveries in a timely manner. The contract effectively...
News

No repeating CGX’s delays; new Guyana oil contracts to have penalty, strict relinquishment – Jagdeo

Kemol King -
Delays and infractions by oil companies in fulfilling their commitments to the Guyana government can cost the country dearly. Vice President Dr. Bharrat Jagdeo has said that if companies sit on a block for three years without doing the...
News

Authorities want banks to accept oil contracts as collateral from local companies

OilNOW -
Cognizant of the difficulties some local companies have been facing over the years in accessing finance from commercial banks in Guyana, Vice President, Dr. Bharrat Jagdeo says the government will soon have a meeting with financial institutions on allowing...
News

Local companies will be able to submit tax-free bids for oil contracts – Jagdeo

OilNOW -
The Government of Guyana intends to pass on direct instructions for local companies to submit their bids for oil contracts net of taxes so that they can have a competitive advantage against foreign suppliers. This is according to Vice...
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‘Business as usual’: No disruption in Guyana’s operations despite Venezuela controversy – GCCI Pres.  

Kathy Smith, President of the Georgetown Chamber of Commerce and Industry (GCCI), has made it clear that there has...

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