In an effort to strengthen its natural resources capacity, Guyana is accelerating a new phase of oil exploration as the government moves to expand petroleum activities beyond the prolific Stabroek Block, creating new opportunities for investment, employment and economic growth.
Minister of Natural Resources Vickram Bharrat made the announcement during an interview on the Starting Point Podcast. He outlined the progress being made under recently signed petroleum agreements with new operators.
The minister disclosed that the consortium of TotalEnergies, Qatar Energy and Petronas has already commenced seismic surveys on its offshore block, marking a significant milestone in the country’s continued petroleum expansion.
He explained that seismic surveys are a critical first step in identifying potential hydrocarbon deposits before exploration drilling begins.
“We are very happy that they are progressing in just a short period of time… they already have a vessel in Guyana’s waters conducting the seismic survey. Once that data is analysed and it shows signs of hydrocarbons, then they will move to the exploration programme where they start drilling exploration wells,” the minister explained.
Minister Bharrat also addressed the agreement signed with Ghanaian company Cybele Energy, noting that while the company has requested additional time to pay its signing bonus because of investor-related issues, the government continues to engage through legal channels to ensure compliance with the agreement.
He said the company has already established a local office, hired Guyanese employees, and fulfilled other financial obligations, including licence and environmental fees.
Meanwhile, the minister highlighted the recently signed agreement with the Dominican Republic for exploration of the Berbice Block, describing it as another important step in broadening Guyana’s petroleum industry.
He explained that the block was already available after being relinquished by its previous operator and was not created specifically for the agreement.
“We have given them a very short timeframe, and within four to six months, we must see some kind of activity in the Berbice Block. It will generate opportunities in Region Six through direct employment, indirect employment, provision of goods and services, housing and transportation,” Minister Bharrat stated.
Minister Bharrat said the government remains committed to attracting credible investors with the technical and financial capacity to responsibly explore Guyana’s petroleum resources, ensuring that continued exploration translates into long-term economic development and expanded opportunities for Guyanese. (DPI)