Three international oil companies are expected to commence exploration works soon, each granted a matter of months to begin seismic operations once approvals are granted.
The TotalEnergies, QatarEnergy and Petronas consortium has already paid its US$15M signing bonus and moved on to exploration activities, Natural Resources Minister Vickram Bharrat said on the Starting Point Podcast.
He said Ghanaian firm Cybele Energy has until the end of the month to pay over its own US$17M signing bonus.
Minister Bharrat said Cybele Energy had encountered financial difficulty but was granted an extension since it had already constructed its local office, hired and trained local staff and paid over US$2M in statutory fees.
The company has committed to settling the signing bonus within three weeks, he said.
The Dominican Republic’s Petroleum Refinery Inc is the most recent entrant to the sector, having signed an agreement with the government earlier this year after acquiring the CGX Energy-relinquished Berbice Block.
“The Dominican Republic signalled an interest [in the Berbice Block], we went through the process and an agreement has been signed with them, initially for three years where they will do their surveys and they will start drilling…soon,” Minister Bharrat said.
He added that the company had been given a four to six month timeframe to commence work.
The minister reiterated the meaningful opportunities the oil sector offers to those involved directly and indirectly, adding that the government is committed to delivering these benefits to citizens in the shortest possible time.
