The Government of Guyana announced the launch of the Guyana 2022 Licensing Round. The round offers 14 blocks for tender in the shallow and deepwater areas of Guyana’s offshore area.

The launch of the licensing round marks a new era of Oil and Gas Development characterised by a competitive and favourable investment mechanism and improved socioeconomic benefits for our nation.

The Guyana offshore basin has captivated the attention of the global oil market participants. Now labelled as the gateway to the world’s fastest-growing super basin over the last four years, Guyana’s offshore is estimated to have potential resources in excess of 25 billion boe and an estimated reserve in excess of 11 billion boe. The licensing round represents an opportunity for international and local companies to access Guyana’s offshore.

In preparation for the launch of the round, the Government of Guyana consulted international best practices and is offering a transparent competitive process that takes into account the advances in the oil and gas sector, the current investment conditions globally and in the region as well as the interests of the nation. A few Highlights of the Guyana's first licensing round for offshore oil and gas exploration and production:

•    14 blocks for tender for shallow water and deepwater areas combined
•    Improved fiscal terms that provide a greater balance of the share of revenue between
     the government and contractor while maintaining Guyana’s competitive edge in the region
     and globally
•    Separate requirements for qualification to participate in deepwater versus shallow water
     blocks for tender with a higher bar set for deepwater areas, which reflects the
     capital-intensive nature of deepwater exploration and production (E&P) and the highly
     specialised technical
     competence required for deepwater E&P activities
•    Minimum signature bonus requirement of US $10 million for shallow water and
     $20 million for deepwater blocks for tender
•    Minimum work commitments specified for the initial and renewal periods of the prospecting
     licence consist of a combination of seismic and drilling of exploration wells with
     fulfilment of prior commitment as precondition to enter into the subsequent renewal periods.
•    Participation fee of US $20,000 is payable in respect of a block for tender in order to
     gain access to the virtual data room and participate in the bidding process.

Prospective Participants of the Guyana 2022 Licensing Round should visit www.petroleum.gov.gy and contact the Ministry of Natural Resources at licensinground2022@petroleum.gov.gy

Link - http://app.ihs.com/e/es?s=1770935282&e=1422246&elqTrackId=b694878bbd474c08aec3fb2a16f5daf7&elq=138f82c7556c4d0b90138d49b07ab242&elqaid=173996&elqat=1

Disclaimer

"Any third party information shared by the Ministry of Natural Resources (‘the Ministry) on the petroleum.gov.gy  website (‘the Site’) in relation to the Guyana Competitive Bidding Round 2022 is for general information purposes and shared in good faith. The sharing of the third party information by the Ministry does not constitute a recommendation or solicitation to do, or omit to do, any action and the Ministry does not make or give any representation, warranty or undertaking of any kind, whether expressed or implied, regarding the accuracy, adequacy, reliability and availability of the third party information."