Guyana: More Partners, More Money

• Guyana’s offshore blocks have attracted interest from six bidders, and while the government is content with the offers for eight of its 14 oil discoveries, the State is open to partnering with other bilateral allies.
• This was revealed by President, Dr. Irfaan Ali, who, during a discussion at the Inter-American Dialogue in Washington DC, said India, Qatar and the Dominican Republic have signalled their interest in exploring and developing offshore oil blocks.
• “India would have expressed a willingness to work from government to government, Qatar had expressed a willingness to work government to government. The Dominican Republic and several other countries expressed that interest too,” the Guyanese Head of State said while responding to questions at the event.
• On Tuesday, September 12, the country closed its first oil block auction. Six companies including ExxonMobil, which already has the giant Stabroek Block and other companies like SISPRO INC (Guyana), headed by Guyanese businesswomen; Total Energies EP Guyana BV; Liberty Petroleum Corporation of the US and Ghana-based Cybele Energy Limited submitted bids.
• Given the current climate of the market, Mr Ali stated that he is pleased with the number of bids the country has received. He noted that while the country is open to government-to-government partnerships in the sector, the process needed to be done openly and transparently first.
• Guyana’s economy has undergone a radical transformation, from producing no crude at all to now producing an average of some 400,000 barrels of oil per day. The economy continues to grow very rapidly, supported by the government's modernization plans, including the unparalleled oil sector expansion. After growing by 62.3% in 2022, it is anticipated to grow by 38% in 2023 and oil production is expected to increase to 600,000 barrels per day by 2024.

(Sources: CariCris & International Monetary Fund)