Guyana to sign new production deal with Cybele Energy next week

Credit: Cybele Energy Limited

Guyana will sign a new production sharing agreement with Cybele Energy Limited next Tuesday, Minister of Natural Resources Vickram Bharrat said on Thursday, as the country continues to draw major international energy companies to its oil and gas sector.

Bharrat made the announcement at the media launch of the fifth Guyana Energy Conference and Supply Chain Expo, held at the Aiden by Western Hotel in Georgetown.

“On Tuesday at 9 am we are going to sign another production agreement with one of the other companies that would have been awarded a shallow block during the last bid round. And I will definitely share information on the company before the week is out,” he said.

The minister said Guyana has already concluded agreements with the TotalEnergies–Petronas–QatarEnergy consortium for the S4 block, adding that negotiations with other bidders are progressing.

He noted that talks with Cybele Energy have been completed.

“Cybele has really advanced the negotiation with us to the stage where we would have finalised the agreement with them. And this is the company we are signing with. We are very happy to have them in the country as well too. They were able to bring in a partner from one of the major operators in Nigeria as their operator. So, it’s two major companies coming and joining the others that we have in Guyana here today,” he said.

Bharrat said the deal is further evidence of the confidence major players continue to show in Guyana’s oil basin, citing the country’s reputation as a well-managed, high-performing petroleum producer.

He added that Guyana’s partnerships with existing operators and co-venturers have been built on “trust, respect and mutual benefit,” stressing that such collaborations must support national development goals.