The Guyanese government is preparing to launch its first bidding round for offshore exploration and production of hydrocarbon blocks. New fiscal terms and conditions are being finalized which the country hopes will allow it to gain the maximum economic benefits.
The 2022 bidding round, which according to the nation’s Department of Public Information, is expected to be officially launched soon and will be opened for several months to give interested companies sufficient time to prepare their competitive packages and bid to win the available acreages offshore.
With the upcoming bidding round the government expects Guyana’s offshore areas to emerge as a potential super basin with over 11 billion BOE discovered to date.
The process seeks to ensure the country gets a fairer share of revenues from oil and gas resources through improved fiscal arrangements, as well as safeguard the safety of people and the environment by following international best practices in offshore development.
The new round also aims to be competitive with other global energy projects and assure investors of stability, predictability, and security of any investment. The government seeks to balance its developmental agenda with its climate change goals.