Guyana secures US$17M signing bonus in deal with Cybele Energy

Both parties display the agreement signed

Guyana on Tuesday signed a petroleum agreement with Ghanaian company Cybele Energy Limited for the S7 shallow offshore block, securing a US$17 million signing bonus.

The agreement was formalised during a ceremony at the Pegasus Hotel’s Corporate Suites in Georgetown.

Minister of Natural Resources Vickram Bharrat, speaking at the event, said securing financing for exploration is becoming increasingly challenging as global pressure mounts against fossil fuel investment. He said the government values companies like Cybele Energy that continue to invest in Guyana.

“Minimum signing bonus is 10 million so I’m very happy that the team would have negotiated 15 million with Total consortium and now 17 million with Cybele. That’s a total of 32 million US dollars for just two shallow water blocks, which is quite commendable. We’re looking forward to working with these companies as they fulfil their work programmes, because the petroleum activities actually speaks to a robust work programme,” he said.

Bharrat said the signing bonus will be deposited into the Natural Resources Fund within two to three weeks. He expressed satisfaction that negotiations concluded successfully and voiced confidence in the partnership ahead. He also underscored the government’s efforts to engage women-led companies and welcomed the expanding presence of female leadership in the extractive sector.

“I’m happy that we have reached this stage,” he noted, hinting at another upcoming agreement.

Bharrat said each new petroleum agreement creates opportunities for the local private sector and encouraged joint ventures with Guyanese companies. He also highlighted the importance of local content and corporate responsibility, noting that Guyana’s local content legislation has expanded Guyanese participation without discouraging investment.

Cybele Energy has committed to upholding high standards and prioritising safety and environmental protection.

Chief Executive Officer Beatrice Mensah-Tayui described the agreement as the beginning of “a new era” for the country’s oil and gas sector and for women’s leadership in the industry.

“We will uplift the trust that you have in us. Block 7 provides a lot of opportunities. The vision for S7 is quite robust. Today, we stand in a position to make change. Our corporate social responsibility will make sure that we work with the communities that we serve. Our local content will be intentional.,’ she noted.

Mensah-Tayui thanked the Government of Guyana and praised its confidence in a woman-led company.

“Today, Guyana has made history,” she said, adding that the agreement marks a significant step in advancing opportunities for women and the girl child. She also commended national leaders for making space at the highest levels of a traditionally male-dominated industry.