Petroliam Nasional Bhd (Petronas) is among several energy companies that have reached agreements with Guyana's government to explore offshore oil and gas blocks. Alongside TotalEnergies, Qatar Energy, Cybele Energy, Delcorp, and International Group Investment, these firms are finalizing production sharing deals for five offshore blocks. The agreements stem from a tender process launched in 2022 aimed at diversifying Guyana's energy industry, which is currently dominated by an Exxon Mobil-led consortium.
The tender resulted in offers for eight blocks, and the government is still in talks with Exxon Mobil regarding the exploration of area S8, part of the tender. These discussions include the assessment of carbon capture and storage opportunities within the block.
While the agreements for the shallow and deep water blocks have yet to be finalized, negotiations on non-fiscal terms began earlier this year. Petronas, TotalEnergies, and Qatar Energy had been approved to explore the shallow water block S4, with further talks ongoing regarding final terms. Other companies, including Exxon, Hess Corp, and CNOOC, have also shown interest in the bids, and a production sharing agreement is under review.
Additionally, Sispro, a local energy company, is pending a response regarding its offers for two of the blocks. Separately, a US$1.50 million contract was awarded to VHE Consulting to audit Exxon's expenses and Guyana’s share of profit oil for 2021-2023.
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