Guyana extends deadline for offshore oil block licensing
Guyana announced today that it had extended the deadline to submit bids for the licensing of oil blocks to July 15, 2023.
The Ministry of Natural Resources explained the extension was given after receiving industry feedback coupled with the advanced pace of modernising the oil and gas regulatory framework.
Bids for the 14 blocks, located in the shallow and deepwater areas, began on December 9, 2022, and were set to end on April 14, 2023.
In announcing the extension, the ministry said it “continues to receive strong global interest. The government has benefited from insightful feedback during the consultation periods of the Indicative Terms and Guidelines and the draft model production sharing agreements (PSAs).”
“Concurrently, the government recognises that the new era of oil and gas development, facilitated by this current and future rounds, must be governed by a modern regulatory framework and has been thoroughly moving the finalisation of the model PSA, as promised in this government’s manifesto, and the overhaul and strengthening of the 1986 Petroleum (Exploration and Production) Act.”
The ministry added the government recently reached an agreement with PGS Exploration (UK) Limited and CGG Data Services to reprocess additional 2D seismic data relevant to the blocks for tender.
This data will be shared with existing and prospective participants of the licensing round.
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