Guyana Extends Offshore Oil Block Bids Deadline to Attract New Explorers

Credit: Nando/AdobeStock
Credit: Nando/AdobeStock

Guyana extended to Sept. 12 a deadline for companies to submit bids for its first competitive auction of oil blocks, the government said in a statement on Wednesday.

The South American nation has delayed the offer of 14 offshore blocks four times before. The round is intended to recruit new explorers and lessen the grip over the country's output by a group led by Exxon Mobil.

The delay comes as the government is finishing up terms of a model Production and Sharing Agreement (PSA) and core legislation for the country's oil industry, which will govern future contracts.

Guyana has in recent weeks received feedback during a consultation period for the new proposed oil framework.

(Reuters - Reporting by Kiana Wilburg; writing by Sabrina Valle; editing by Jonathan Oatis)
 


Current News

Oil Edges to 2-Week High on Ukraine News

Oil Edges to 2-Week High on Uk

EMGS to Conduct CSEM Survey Offshore India

EMGS to Conduct CSEM Survey Of

Poland to Open New Areas for Offshore Wind Development in Baltic Sea

Poland to Open New Areas for O

Swedish Firm Eyes Multi-Megawatt Wave Energy Farm Off Grenada

Swedish Firm Eyes Multi-Megawa

Subscribe for OE Digital E‑News

Offshore Engineer Magazine