Beatrice Mensah-Tayui( CEO of Cybele Energy in the middle)_
The Government of Guyana has signed a petroleum agreement for offshore Block S7 with Ghanaian company Cybele Energy Limited, marking the second award from Guyana’s inaugural competitive licensing round launched in 2022.
The agreement introduces modernised fiscal terms designed to maximise value for the people of Guyana, including a 10% royalty rate, 10% corporate tax rate, a reduced cost-recovery ceiling, and a 50/50 profit-oil split between the Government of Guyana and the contractor.
These provisions are aligned with the updated model Production Sharing Agreement (PSA), aimed at ensuring greater transparency and long-term benefits from the country’s offshore resources.
This signing comes shortly after the award of Block S4 to a consortium comprising TotalEnergies, QatarEnergy, and Petronas, which was concluded only weeks ago, signaling growing momentum in Guyana’s energy sector.
Minister of Natural Resources, Vickram Bharrat, welcomed the development, describing it as a critical step in the responsible and strategic development of Guyana’s offshore basin.
He noted that Cybele Energy’s entry into the sector reflects rising international confidence in Guyana’s investment framework and the government’s commitment to transparent, competitive resource management.
“The licensing round continues to attract a diverse range of operators, strengthening our global partnerships in energy development and positioning Guyana as a leading destination for offshore exploration,” Minister Bharrat said.
The Ministry of Natural Resources emphasized that the licensing round is part of a broader strategy to expand and diversify Guyana’s offshore oil and gas sector, while ensuring sustainable and long-term benefits for the nation.
