Some Oil Blocks Will Be Reserved For Future Gov’t Partnerships

• As Guyana prepares to auction its remaining oil blocks this year, President Dr Irfaan Ali announced that some of those blocks will be set aside for government-to-government partnerships in the future. Therefore, instead of auctioning all of the remaining blocks, an undisclosed number will be kept for state partnerships.
• He alluded to the United Kingdom (UK) being a potential partner that will benefit from this arrangement. He also highlighted that the two countries are seeking to deepen cooperation in the energy sector.
• The much-anticipated auction of the blocks was scheduled for the end of September but it has not occurred yet. An auction will essentially see the highest bidder gain control of a specific area to search for and possibly produce oil and gas.
• The blocks that will be up for auction include those areas that have been relinquished by oil companies searching for oil offshore.

(Source: Newsroom)