GEORGETOWN, Guyana, CMC – Guyana Wednesday announced an extension of its deadline for the 2022 Licensing Round’s bid submission for 14 oil blocks to July 15 this year.
The Ministry of Natural Resources said industry feedback and the advanced pace of modernizing the oil and gas regulatory framework underscore the extended bidding period for the country’s first competitive offshore oil and gas licensing round officially launched on December 9 last year.
It said that the ministry continues to receive substantial global interest. The government has benefited from insightful feedback during the consultation periods of the Indicative Terms and Guidelines and the draft model production sharing agreements (PSAs).
“Concurrently, the government recognizes that the new era of oil and gas development, facilitated by this current and future rounds, must be governed by a modern regulatory framework and has been thoroughly moving the finalization of the model PSA, as promised in this government’s manifesto, and the overhaul and strengthening of the 1986 Petroleum (Exploration and Production) Act,” the ministry said in a statement.
Guyana recently concluded agreements with PGS Exploration (UK) Limited and CGG Data Services to reprocess additional 2D seismic data relevant to the blocks for tender.
The ministry said existing and prospective participants of the licensing round would benefit from the availability of further seismic data, which can be licensed to inform better the bids submitted.
“The Government of Guyana remains committed to the successful execution of the Guyana 2022 Licensing Round and the strengthening of the nation’s fiscal and legal petroleum management frameworks,” it added.
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