New oil blocks to be auctioned by third quarter of 2022

• As Guyana moves ahead with the development of its petroleum industry, Vice-President Bharrat Jagdeo said that oil blocks, which remain untouched in some cases, would be up for auction by the third quarter of 2022. 
• Speaking during a press conference at the Arthur Chung Conference Centre on Monday, Vice-President Jagdeo said the government intends to move first towards the enforcement of relinquishment provisions in all oil contracts before auctioning new blocks. 
• Simply put, relinquishment provisions are enforced when a party might no longer be able to deliver on a contract. By adopting an approach which involves the enforcement of relinquishment provisions, authorities would be able to have not just virgin blocks but also relinquished areas for the impending auction.

(Source: CariCRIS)